According to a study published in Frontiers in Aging Neuroscience (2010; 2[Article 32], 1-17; doi:10.3389/fnagi.2010.00032), exercise can reduce the effects of aging on cognitive functions.
Researchers from University of Illionois at Urbana-Champaign worked with 65 participants aged 59-80 who reported very little exercise activity during the prior 6 months. Subjects were divided into two groups to test the cognitive effects of aerobic training versus stretching, toning and balance activities. The control group performed stretching, toning and balance activities, while the walking group worked up to 40 minutes of walking per session, three times per week. After 12 months, both groups experienced improved functional connectivity between different areas of the brain.
Researchers noted that the length of the training was an important factor - walking group members demonstrated improvements after 12 months, but not after 6 months, while the stretch, toning and balance group did show some changes in functional connectivity after 6 months.
Researchers concluded that exercise can slow the decline of brain functioning typically associated with aging, but recommended additional research.
I have a personal training client that has a medical condition that causes him to fall. After injuring himself badly in a couple of falls, he was reluctant to leave his chair. When he fell, he was unable to get up without assistance. His wife hired me to work with him twice a week, to develop strength and better balance. After 6 months, he is noticeably stronger, stands straighter, has greater stamina, and a more positive attitude. He still falls occasionally, but with less frequency and severity, and now, is able to get himself up. In the beginning, he had difficulty maintaining a conversation and lost his train of though frequently. Now, he can talk while exercising without losing focus.