My personal experience is that I'm sharper at 40 than 20, I know more, and I learn more quickly because I've learned to be more efficient with my time. I cannot say the same about all of the other people I grew up with. Often, they're just too tired to read a book, learn a new instrument, write some code or (heaven forbid) start a company. They'd rather chill out and watch TV.
Which is fine, but if you're not using your noggin, it's not going to be as sharp as it was when you were being forced to use it in college.