I'm making a few assumptions that come from the question:
- (Obvious) A human's Life Energy and Mana are either the same thing or else strong linked.
- Mana/Life Force increases with age.
- Humans age.
- (Assumption from the question) Mage's age at the same rate as a normal human.
Casting spells temporarily drains part of the life force, just as physical activity makes one tired. This has some potentially major consequences.
Consequences
A woman who is pregnant may not be able to cast spells because her life force is protecting the growing baby. Or perhaps she couldn't prevent the mana from coming from the baby, killing it. (This came from a book I read a long time ago, and I can't think of a title or author.)
Using too much mana in a short while can make the mage ill because he's drained his life force enough to be vulnerable to certain types of illnesses. Or perhaps demonic possession.
Certain creatures can remove mana with the life force. Perhaps this is where the legend of the vampire comes from. Blood is commonly (in story, legend, and many magical traditions) linked with life force.
Aging
The body/soul accumulates mana throughout a person's life. Therefore, the older a person, the more mana they have.
Also, the more one uses mana, the better they get at it. An older mage may be more efficient with their spells and use spells that require less energy. For example, in combat it's more impressive to turn your enemies to stone, but snapping their spines works just as well and takes much less mana to do. It takes less energy to rule a kingdom as an "adviser" (by mentally influencing the king) then it does to take over the kingdom by force.
However, the body ages. This is a natural process, and cannot be stopped (though it can be slowed down with proper diet and exercise). Therefore, despite the increase in mana, people become elderly. There are some elderly who seem to have a large amount of vitality. These are people who let their mana show through.
Perhaps as a being ages, their mana and life force gradually become less closely linked. The mana still increases, but it no longer affects the life force. That would explain a loss of life force in the elderly.
This might explain why mages who are willing to disturb the natural order make themselves unaging. In story and legend, putting one's heart in a box and then hiding the box is one way to do this. In RPG's, turning oneself into a Lich is another way.
Addendum
Replace "human" with whatever life form you wish. Maybe animals also have mana, but cannot do detectable spells because most don't live long enough to accumulate enough mana. If so, then beware parrots, especially the larger macaws, because they can live for decades and are fairly intelligent for animals. Or even worse, perhaps an experimental animal was accidentally given an extended lifespan, leading to the Mouse Mage. :)