The deterioration of the cholinergic system in aging is hypothesized to contribute to age-related declines in attention. We investigated potential age differences in performance on the Attention Network Test (ANT) and intra-individual variability in speed (RT-IIV) on go/no-go and choice reaction time tasks in young and healthy older adults. We also asked whether short-latency afferent inhibition (SAI), a neurophysiological marker of central cholinergic activity obtained via transcranial magnetic stimulation, might be correlated with performance. Older adults were slower on the ANT and exhibited greater RT-IIV than young adults on the multiple choice RT task, but there were no age differences on the ANT network scores (alerting, orienting, and executive control). SAI was diminished in older adults, but it was not significantly correlated with performance. It may only be in cases of severe cholinergic dysfunction that relations with attention emerge. Other brain mechanisms may also be stronger predictors of functions relating to attention.