The phrase suggests an activity or behavior might not suit someone's age. You really think skateboarding at your time of life is a good idea?
Pro Tip 2/3
Cultural Sensitivity
In some cultures, referencing age directly can be seen as rude or impolite. In some places, saying 'At your time of life, you should retire' may offend.
Pro Tip 3/3
Subjective Nature
What's expected 'at your time of life' varies greatly among individuals and cultures. At his time of life, some might expect seriousness, yet he's still so playful.