When predicting future performance on tests over text material, do individuals estimate retention in addition to assessing comprehension? In Experiment 1, participants either rated their comprehension or predicted performance for each text, with lower ratings indicating lower confidence either in comprehension or in eventual performance. Judgement magnitude was significantly lower for performance predictions than for comprehension ratings, suggesting that predictions were based partly on retention estimates. In Experiment 2, predictions varied with anticipated test delay (15 min or 2 weeks) whereas comprehension ratings did not, providing further evidence that individuals estimate retention when predicting performance. Analyses of individual differences suggest that both good and poor performers incorporate retention estimates when predicting performance, but better performers do so in a more discriminative manner. Implications for theory of metacognitive judgements are discussed.