False memories are elicited from exposure to misleading information. It is possible that self-provided misinformation, or lying, has similar effects. We hypothesized that lying impairs memory for younger adults, as increased cognitive control, necessary to inhibit a truthful response, comes at the expense of retaining veridical information in memory. Because older adults show deficits in cognitive control, we hypothesized their memory is unaffected by lying. In the present study, participants made truthful and deceptive responses on a computer while EEG data were recorded. We investigated medial frontal negativity (MFN), an ERP component associated with deception and cognitive control, which may be differentially generated across age groups due to differences in cognitive control. Unexpectedly, results revealed that older adults showed reduced accurate memory for items to which they previously lied compared to younger adults. There were no age differences in correct memory for truth items. We did not find the expected MFN effect, however results revealed long-lasting negative slow waves (NSW) to lie items across age in the pre-response period and following the response cue, suggesting the role of working memory processes in deception. These findings demonstrate that lying is another source of misinformation and influences memory differently across the lifespan.