The record of our growing old is depressing (12)
I believe the answer is:
discouraging
'is depressing' is the definition.
(I've seen this before)
'the record of our growing old' is the wordplay.
'the record of' becomes 'disc' (I can't justify this - if you can you should give a lot more credence to this answer).
'growing old' becomes 'aging' (I've seen this before).
'disc'+'our'+'aging'='DISCOURAGING'
Can you help me to learn more?
(Other definitions for discouraging that I've seen before include "Putting (someone) off" , "Depressing" .)