Brain imaging research published in 2004 found that older individuals displayed reduced activity in their amygdala, the area of the brain associated with stress and emotional responses, when they were shown negative images. This could mean your automatic response to negative emotional stimuli can become more subdued as you age.
When it comes to happiness, a lot of research on the subject that's been conducted over time suggests that it generally follows a U-shaped curve, meaning that happiness is at a high when you're in your 20s as well, before it dips in middle age and then shoots back up again in your late 60s.
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