The first thing to separate out is what's biology and what's behaviour. Tanaka and Seals' work on age-related VO2max decline — the most-cited paper in this conversation — shows trained endurance athletes lose roughly 5% of VO2max per decade. Sedentary adults lose closer to 10%. So if your FTP has dropped 15% in 5 years, only a fraction of that is age. The rest is something you can do something about.
The biggest 'something' is sarcopenia — age-related muscle loss. After 40, untrained adults lose around 3-8% of muscle mass per decade depending on whose data you read. For cyclists, that translates directly into less force per pedal stroke and a lower top-end. Andy Galpin has talked about this on the Roadman Cycling Podcast — fast-twitch fibres atrophy first, which is why older cyclists feel the loss most on accelerations and short climbs. The defence is non-negotiable resistance training, twice a week, focused on heavy compound lifts. Without it, you are choosing the steepest version of the curve.
The second blocker is recovery debt. Same load, more fatigue. The masters research is consistent: 48-72 hours between hard sessions is the standard prescription for under-40 amateurs; for over-45 it stretches to 72-96. The cyclist who runs Tuesday-Thursday-Saturday hard for years is fine at 35 and quietly under-recovered at 50. Fix that by spreading hard sessions further apart, prioritising sleep as the single biggest performance lever, and protecting one full rest day a week. Most of the riders inside the Not Done Yet community who've reversed an FTP slide did it by training less, not more.
The third blocker is the one nobody wants to admit: most masters cyclists are still training like they're 32. Same intervals. Same group rides. Same off-season volume. The structural change that consistently moves the number is rebalancing toward a true 80/20 polarised distribution — more zone 2, sharper but less frequent threshold work, two strength sessions, and properly fuelled long rides. The question 'why am I losing power' usually has the same answer it had at 32: the system is leaking. The difference is that at 50, the system is less forgiving — so the leaks show up faster.