Older people typically report higher levels of emotional well-being despite declines in other cognitive domains such as memory and executive function. We tested age-related changes in emotional reactivity and regulation using functional MRI, showing participants positive, negative and neutral videos and asking them how each one made them feel. Older people showed decreased rather than increased positivity in their reactions, which was linked to reduced brain activity in the middle frontal gyrus, an area associated with successful emotional regulation. Thus age does not always improve emotional regulation.