Well-being in older adults is an important concern as the aging population grows, as is identifying modifiable factors that contribute to well-being over time. The ability to savor the moment (i.e., to notice and upregulate one's emotional response to positive events) has been linked to greater well-being; however, few studies have examined these relationships longitudinally or in older adults. The current study examined inter- and intra-individual associations between trait savoring ability, life satisfaction, and depressive symptoms in older adults. 4491 older adults (Mage = 82.10, SD = 6.23) completed at least two out of four annual surveys. Multilevel modeling was employed to account for within- and between-person differences in associations between savoring and well-being, as well as the role of savoring in moderating trajectories of well-being over time. Covariates included age, gender, health, and stress. Savoring ability was associated with greater well-being, both within- and between-individuals. Individuals with higher savoring ability experienced attenuated declines in well-being over time. Savoring, or noticing and amplifying positive experiences, is a malleable ability that is associated with improved well-being, both on average and within-person. Higher trait savoring ability may also protect against declines in well-being associated with greater age. We discuss implications for savoring interventions in older adults.