We illustrate the use of the parallel latent growth curve model using data from OCTO-Twin. We found a significant intercept-intercept and slope-slope association between processing speed and visuospatial ability. Within-person correlations among the occasion-specific residuals were significant, suggesting that the occasion-specific fluctuations around individual’s trajectories, after controlling for intraindividual change, are related between both outcomes. Random and fixed effects for visuospatial ability are reduced when we include structural parameters (directional growth curve model) providing information about changes in visuospatial abilities after controlling for processing speed. We recommend this model to researchers interested in the analysis of multivariate longitudinal change, as it permits decomposition and directly interpretable estimates of association among initial levels, rates of change, and occasion-specific variation.