Adult aging is frequently accompanied by hearing loss, as well as by cognitive decline. Both play a role in listeners' understanding of noisy, foreign-accented speech and fast conversational speech. Hearing loss leads to increased perceptual effort during listening, which affects memory encoding of the spoken message. Furthermore, some studies have suggested that acquired hearing loss also has long-term effects by degrading the quality or accessibility of phonological representations in long-term memory. This was investigated further by looking into non-word reading, thus bypassing immediate effects of hearing loss. A sample of 29 older adults, varying in degree of high-frequency hearing loss and visual digit span performance, saw 72 multisyllabic nonwords varying in phonotactic frequency (i.e., the phoneme-co-occurrence statistics of the language). They saw the nonwords for 5 seconds and were prompted to produce them from memory after another 3 seconds. As expected, response accuracy was influenced by phonotactic frequency of the nonword and digit span performance. Crucially, response accuracy was also higher if the participant had better hearing, supporting the claim that hearing loss degrades phonological representations in long-term memory. These results emphasize the broad consequences hearing loss has on language processing beyond its immediate effect on speech audibility.