Abstract. This study investigated the relationships between tenacious goal pursuit (TGP) and flexible goal adjustment (FGA), two fundamental modes of self-regulation suggested by Brandtstädter and colleagues, and positive and negative affect (PA, NA). This was done in general terms and by considering the developmental constraint of perceived age-related visual decline. Data stem from 751 community-dwelling elders (55-98 years, 372 women, 379 men). Results support the hypothesis of differential associations of TGP and FGA, respectively, with affect: TGP was positively related to PA, and FGA was negatively related to NA. Moreover, differential moderator effects of TGP and FGA, respectively, on the relationship between subjective vision and affect emerged. FGA independently moderated the inverse relationship between subjective vision and NA. The moderator effect of TGP, however, was dependent on FGA: TGP did not alter the relationship between subjective vision and PA until FGA was high, too. It is concluded that both TGP and FGA are necessary for an adaptive self-regulation.