Maybe the old saying is true. Recent studies mentioned in a New York Times article suggest that those "senior moments" may not be due to failing mental capacity, but rather to a broadening attention span that requires more thought processing as we age.
These findings don't minimize the sometimes negative impacts of aging upon mental capacity, as found in Altzheimer's Disease, for instance, but suggest that the effects of aging upon thinking are often oversimplified and misunderstood.