At the end of this New Scientist article, there is a brief outline of the neural basis for protensity:
"One of the more tiresome aspects of ageing is that while the days seem to drag, the years rush by. This paradox is not simply subjective: researchers are finding that our brains actually oscillate with a tick-tock that marks the passage of time, and this winds down as we grow older, making time seem to fly (New Scientist, 4 February, p 34). As yet, scientists have not come up with a way to speed the clock back up, but building temporal landmarks with memorable experiences can create the opposite illusion, so the years seem to pass more slowly".
I'd say fluid intelligence decline would be closely linked to age-related time-perception changes. When we use prefrontal brain areas to regulate our behaviour time seems longer, so when we begin to lose this ability time may gradually seem to fly by: self-regulation and the extended now
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