CapnZapp
Legend
I would not.For human, I would make cut off years 40,60,80,100.
at age 40 you get -2 penalty on one of the physical scores(str,dex,con) of your choice.
at age 60 you get -2 penalty on other 2 scores that you didn't reduce at age 40.
at age 80 you get additional -2 penalty on all physical scores and -2 penalty on one mental score.
at age of 100(you should be dead already) you get additional -2 penalty on all ability scores.
The only penalty I feel appropriate for 5th edition is Disadvantage.
Anything more d20:ish is clutter.