This is an excerpt from article by Phyllis Korkki, The Science of Older & Wiser
True personal wisdom involves five elements, said Professor Staudinger, now a life span psychologist and professor at Columbia University. They are self-insight; the ability to demonstrate personal growth; self-awareness in terms of your historical era and your family history; understanding that priorities and values, including your own, are not absolute; and an awareness of life’s ambiguities.
Wisdom in this sense is extremely rare, Professor Staudinger said, and research has shown that it actually declines in the final decades. As a coping strategy, it is better to be positive about life when you are older, she said, and the older people skew that way. They are more likely to look back on their lives and say that the events that occurred were for the best; a wise person would fully acknowledge mistakes and losses, and still try to improve.