Accurate time estimation abilities are assumed to play an important role in efficient performance of many daily activities. The authors investigated the role of episodic memory impairment in temporal perception using a prospective verbal time estimation paradigm. Verbal time estimations were made for filled intervals both within (i.e., <30 s) and beyond the time frame of working memory. In Experiment 1, the verbal time estimates of 24 individuals with mild cognitive impairment (MCI) were comparable with those of age-matched controls at both short and long (i.e., >30 s) intervals. The verbal time estimates of both older adult groups, however, deviated more significantly from true time when compared with younger adult controls. In Experiment 2, 17 individuals with Alzheimer's disease (AD) demonstrated greater error and variability in their time estimates, but no disproportionate differences emerged between short- and long-duration estimates when compared with age-matched controls. The findings did not support a noteworthy role for episodic memory impairment in temporal perception but rather elucidated a significant effect of normal aging, as well as a detrimental effect of AD on temporal perception.