Your acuity declines with age, but you judgment gets better. Your OTB play peaks at about 40 years old, but I think you can play a decent game of correspondance chess till you are fairly old.
Chess and Ageing
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As you get older you understand patience. You make people work for each inch and pace yourself. Also its hard to surprise a person who has been playing chess for a long long time.
youth has more hmm energy? they tend to calculate all the time so if an older player slips they usually catch it.