Aging involves many cognitive declines, particularly in fluid intelligence, with relative maintenance of crystallized intelligence. This paradox is evident in the language domain: lexical retrieval becomes slower and less accurate, despite well preserved vocabularies. Verbal fluency assesses both crystallized and fluid aspects of language. Semantic fluency hypothetically reflects semantic knowledge, while letter fluency putatively reflects executive functioning, which would predict a greater impact of aging on the latter. However, the opposite is typically observed. To investigate factors contributing to such asymmetries, we examined verbal fluency in 86 adults (30-89 years). Multiple regression analyses indicated that semantic fluency depends largely on lexical retrieval speed, as well as visualization strategies to support controlled retrieval, skills which may disproportionately decline with age. By contrast, letter fluency relies heavily on vocabulary knowledge, providing some protection against age-related declines. These findings contribute to our understanding of the mechanisms of typical age-related declines in word retrieval.