As you get older, less things are new to you. The brain prioritizes focusing on new information, so when there is less novel experiences you literally save less of the memory.
Edit:
>Our brain encodes new experiences, but not familiar ones, into memory, and our retrospective judgment of time is based on how many new memories we create over a certain period.
https://www.scientificamerican.com/article/why-does-time-seem-to-speed-up-with-age/
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