Inner beauty can of course also be more personal. You see something in someone else that reflects some quality of their soul. The eyes are usually the main channel by which we recognise this. The eyes reveal passion, sadness, melancholy, contemplativeness, coyness, intelligence, dedication, nurturing, etc. As people become older they are generally worn down by life and they learn to hide their emotions too.
Many people have dead eyes.
Some elements of our attractiveness as men and women fades over time but some of it increases. Women's attractiveness is heavily associated with beauty but it is not the only feature of their attractiveness and components of beauty are not fixed by a singly degenerative clock. If beauty is youth, and all the features of a youthful body, then beauty certainly does fade. However it isn't just composed of this. Many women are afraid that their beauty will fade in totality as they age and with aging comes a loss of social status or the ability to be noticed.