This study evaluates age-related differences in the temporal dynamics underlying neural processing of value for decision-making in younger and older adults. We applied a lottery-choice task with event-related potentials to determine how and when brain activity during choice and outcome processing diverge between younger and older adults. Behaviorally, older adults accepted more losing stakes than younger adults. During choice, younger adults evinced higher P2 ERP-response positivity with a later P3 positivity that monotonically increased with low to middle to high win probability. Older adults evinced lower P2 responses and P3 amplitudes with more positivity for high and low relative to middle win probability. Both age groups showed similar feedback-related negativity and late parietal positivity, indicating intact reward prediction error representations and salience integration. Feedback-P3 showed more complex sensitivity to expectancy violations in older than younger adults, suggesting subjective uncertainty about reward expectations. Reduced early general neural processing of objective stimulus value with greater contribution of downstream subjective processes might underlie older adult risk-taking behaviors.