The present study aimed to examine predictors of improvement in subjective everyday memory ability 5 years following participation in a group cognitive-behavioral memory intervention for community-living older adults, the La Trobe and Caulfield Hospital (LaTCH) Memory Group program. Participants were 61 healthy older adults and data were analyzed using one-way repeated measures analysis of variance (ANOVA), hierarchical regression, and moderator analyses. Although the group as a whole did not show significant gains in subjective memory ability following the intervention, greater gains in subjective memory ability were associated with poorer baseline associative memory, better baseline cognitive flexibility, and more subjective memory concerns prior to intervention. There was no interaction between the cognitive predictors and subjective memory concerns in predicting gains in subjective memory ability. Differential benefits for more cognitively flexible individuals may derive from a greater capacity to engage skillfully in the expectancy modification aspects of the program.