This study examined whether the acceleration of the passage of time as people get older increases after 75 years of age. Individuals older and younger than 75 years, living either at home or in an institution, were asked to provide retrospective judgments of the passage of long periods of time, as well as judgments of the current passage of time using the Experience Sampling Methodology, in which a series of alerts are delivered everyday by mobile phone. The results showed that the retrospective judgment of the passage of time did not change with age. However, the older participants living in a retirement home, who were more negatively focused on their past, disagreed with the idea that time passes faster with increasing age. By contrast, the judgment of the current passage of time changed after 75 years. However, the perception was not one of acceleration but of slowing down. The best predictors of this slowing down of time were the negative affects, namely sadness, which were particularly high among the participants living in a retirement home. However, as their cognitive functions declined, they perceived time as passing quickly again, and this was accompanied by a greater feeling of happiness.