Neural activity in the human brain changes with age, often shifting from posterior to anterior regions. This is typically observed using Electroencephalography (EEG) data recorded during task-based paradigms. This study examines the prospect of observing similar changes during rest using resting state EEG data. Brain source localization using standardized Low-Resolution Electromagnetic Tomography (sLORETA), power distribution, and functional connectivity (FC) changes across different brain lobes have been observed. Age group classification using spherical and head harmonic domain, sensor, and source domain features has also been performed in conjunction with different deep learning models. The results show significant differences in connectivity between young and older adults, especially in the alpha band. Older adults exhibit decreased peak alpha power strength across all brain lobes, except the prefrontal and temporal regions. Brain activation declines more in the occipital and parietal lobes with age while remaining strong in the prefrontal, frontal, and temporal lobes. Age-related shifts in connectivity include increased connections in frontal and temporal regions and decreased connections in occipital, and parietal brain regions. The spherical and head harmonic decomposition effectively represents EEG signals and boosts the age group classification accuracy while offering dimensionality reduction benefits. Accuracy of up to 97.5% is achieved by utilizing higher-order decomposition features, thereby demonstrating the potential for age group classification of healthy aging.