Here are the ageing effects of MM6. I believe they are the same for MM7. IIRC the only way in MM7 to remove age effects is the potion. You will see by the list though that Ageing is actually GOOD for spellcasters.
The following was not written by me, Enjoy!
So many go running to a message board after they encounter a creature that prematurely ages them. In an effort to put your minds at ease, I offer this bit of reasurance:
Attribute Age 0-49 /Age 50-99 /Age 100-149 /Age 150+
Might 100 75 40 19
Intellect 100 150 100 10
Personality 100 150 100 10
Endurance 100 75 40 10
Accuracy 100 100 40 10
Speed 100 100 40 10
Luck 100 100 100 100
As you can see up to a certain age your spell casters actually improve. And you can also see your Luck never runs out.
