ABSTRACT Neural communication or signal transmission in the brain propagates via distinct oscillatory frequency bands. With aging, the communication mediated by these frequency bands is hindered by noise, which arises from the increased stochastic variability in the baseline neural spiking. This increase in noise measured as 1/f power-law scaling reflects the global background noise and is often linked to impaired cognition in different tasks. In this study, we quantified the 1/f slope and intercept of MEG brain signal as a putative marker of neural noise and examined its effect on cognitive and metacognitive measures. We hypothesize that as neural communication becomes noisier with age, it impacts global information processing, whereas specific periodic features mediate local aspects of cognition. Using recently proposed parametric Fooof model, we first characterised the normative pattern of periodic and aperiodic features (temporal dynamics) across the lifespan, modelled via spectral peaks (Central frequency, power, bandwidth) and 1/f noise activity (slope and intercept) respectively. Secondly, how this Resting-State (RS) baseline shift in temporal dynamics of the signal is associated with various aspects of visual short-term memory (VSTM). Our results suggest that age-associated global change in noisy baseline affects global information processing and crucially impacts the oscillatory features, which relates to more local processing and selective behavioural measures in the VSTM task. Moreover, we suggest that the task-related differences observed across age groups are due to the baseline shift of periodic and aperiodic features. Significant statement Aging is accompanied by the decline in cognitive functions and age itself is a major risk factor for Alzheimer’s Disease and other neurological conditions. Our study provides MEG 1/f aperiodic and periodic markers across the healthy adult lifespan and shows that different frequency bands and their spectral features mediate age-related changes across different brain regions, in multiple cognitive and metacognitive domains, which not only provides us with a better understanding of the aging process but would also help in better prevention of cognitive impairments. A clear characterization of the association between baseline MEG temporal dynamics, healthy aging and cognition, is established in this study.