A growing body of evidence indicates that shared task performance results in increased instability in older adults. The present investigation examined shared performance in older (aged 70+ years) and younger women who spoke as they walked. Task difficulty was manipulated by increasing cognitive load, requiring participants to speak increasingly difficult lists as they walked. Control walking alone and talking alone conditions were compared. Low, middle and high functioning groups of older participants were identified using age-graded norms for an 8 foot Up and Go Test (Rikli & Jones, 2001). Their performances were compared to college-aged women. Participants in all groups walked more slowly when talking was combined with walking (p<.05). Overall, walking characteristics of highest functioning older adults closely resembled younger adults (p<.05). Lowest and middle functioning older adults walked more slowly, with shorter steps, and spent longer in double support as cognitive complexity increased. These same groups maintained a wider base of support than the higher functioning groups, regardless of cognitive load. In contrast, no group differences were observed for speech variables. Syllables generated per second remained the same across groups and conditions. For all groups, amount of speech declined as cognitive challenge was increased. This pattern of results indicates simultaneous walking and talking pose a stability challenge to older adults. In particular, lower functioning older adults modify their gait patterns in order to maintain speech.