Normal aging is an inevitable race between increasing knowledge and decreasing cognitive capacity. Crucial to understanding and promoting successful aging is determining which of these factors dominates for particular neurocognitive functions. Here, we focus on the human capacity for language, for which healthy older adults are simultaneously advantaged and disadvantaged. In recent years, a more hopeful view of cognitive aging has emerged from work suggesting that age-related declines in executive control functions are buffered by life-long bilingualism. In this paper, we selectively review what is currently known and unknown about bilingualism, executive control, and aging. Our ultimate goal is to advance the views that these issues should be reframed as a specific instance of neuroplasticity more generally and, in particular, that researchers should embrace the individual variability among bilinguals by adopting experimental and statistical approaches that respect the complexity of the questions addressed. In what follows, we set out the theoretical assumptions and empirical support of the bilingual advantages perspective, review what we know about language, cognitive control, and aging generally, and then highlight several of the relatively few studies that have investigated bilingual language processing in older adults, either on their own or in comparison with monolingual older adults. We conclude with several recommendations for how the field ought to proceed to achieve a more multifactorial view of bilingualism that emphasizes the notion of neuroplasticity over that of simple bilingual versus monolingual group comparisons.