I'm 70 and, although assorted aches and pains are becoming more of an issue on a regular basis, I really feel like I'm playing as well as I ever have. I certainly don't hit it as far as I used to, and that's the biggest ongoing issue that I have, but I hit a lot of fairways and greens, so that keeps me competitive.
In my younger days (30's and 40's) I could hit it about 270 consistently off the tee, but now a typical tee shot goes 230 to 240. My driver club head speed used to be 105 or so, now it's more like 85 to 90. My iron game is respectable, and my short game is adequate (but not great). Putting has always been my weakest area, but I went to a long putter (50") about 6 months ago, and it's really helped me. I definitely make more birdies...and have fewer 3-putts...so it's really been a good thing for me.
I've shot my age 12 times so far, the first time at age 67, and that's my goal now every time I tee it up.
What's in my bag? Ping G30 driver, TaylorMade JetSpeed 17* fairway wood, Adams A12 Pro 20 and 23 degree hybrids, Ping G30 irons 5-pw plus UW, Ping Tour Gorge wedges 54 and 58 degree, and an Odyssey White Ice D.A.R.T. long Putter 50". I have regular flex shafts in everything...the stock graphite shaft in the Ping G30 irons...the stock steel shaft in the Gorge wedges...and I replaced the stock shaft in the G30 driver with an Accra 42i.