There are two separate types of memory that our minds work with, with one being retrospective memory which refers to the memory of things in our past times, and the other being prospective memory, which is our ability to remember an action to take based on a specific time we planned for it or trigger we had in mind. Here I point out a research paper that discusses how prospective memory is affected by aging:
Age And Its Effects On Memory
In this meta-analysis of the effects of aging on prospective memory, Bob Uttl points out the concept that prospective memory shows large decline as age increases, much moreso than the effects on retrospective memory. An example of prospective memory would be like remembering that you were planning to go running at around 6 PM. The time would be the trigger and prospective memory would provide the recall based on checking your watch.
Here is a table from the paper, with examples I have created:

Use Your Memory While It Is Intact
Knowing that your memory recall abilities, especially for those of the prospective type, will diminish over time, you can see that the “acting sooner than later” concept has many variables behind it. You are as fit as you will ever be right now, especially mentally, and the things you take for granted that your mind is able to recall lose their accuracy as time progresses. The big advantages of your current day is that you have the highest mental capability of your days right now. Memory or physical ability may diminish later, but you don’t have to put things off until then.
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{ 2 comments… read them below or add one }
I like the idea of retrospective and prospective. I think of them as temporal skills.
J.D.: That sounds like a fine way to view them, as they are fleeting concepts we are able to make use of now. The loss of prospective memory over time leaves people more reliant on needing pre-planned cues and signals if they want to maintain their productivity.