The 69-year-old actor admits he isn't thrilled about entering the latter years of his life and insists they are more negatives to positives to getting old.
However, he does enjoy passing on his years of wisdom to his youngest kids, Dylan, 13, and 10-year-old Carys - his children with wife Catherine Zeta-Jones.
He told Germany's OK magazine: "It's very hard to see something positive in ageing ... The only good thing I can think is that I have kids that I can tell things. So my advice is to spend a lot of time with children ... They're trying to change the world at the age so that everything will be better."
Michael also has 34-year-old son Cameron Douglas from his marriage to Diandra Luker. He is currently a prison sentence for heroin possession and conspiracy to distribute narcotics.
One thing Michael has enjoyed about the last few years of his life is that he has had more time to spend with his friends.
The 'Last Vegas' star - who was diagnosed with the throat cancer in 2010 but beat the illness and has been cancer-free for two years - had to sacrifice time with loved ones to make it to the top in Hollywood but now his career is not as hectic he has been able to devote more hours to friends and family.
Michael - who is back with Catherine, 44, after a brief split in the summer - said: "I think in the early years you are busy with your career. This is not to say that friends mean nothing, but merely that your priorities are different. First comes your career, then you get older and your priorities change. Suddenly, the friendships that have been neglected due to a lack of time become more important. You become fortunate and grateful to have these friendships when you're older."