What slides, and how fast
Now the honest part. A few things do decline, and pretending otherwise just gets you hurt. Your VO2max (your aerobic ceiling) falls about 1% a year once you are past 40 if you keep training, which is roughly half the rate of someone sedentary your age. Your maximal strength and especially your power start slipping, and the fast-twitch type II fibers behind that power shrink faster than the endurance fibers. Running economy drifts a little. And recovery gets slower, because aging muscle is anabolically resistant, which is a fancy way of saying it responds less to the same training and the same protein.
So the picture is not doom, it is a shift in emphasis. You stop being able to get away with sloppy recovery and a complete lack of strength work. The same things that were optional in your 20s become the actual job after 40: protect recovery, defend your strength and power on purpose, keep the intensity that holds your top end, and build durability into your connective tissue. Get those right and the decline is slow and gentle. Ignore them and it is steep.