Here, I will be discussing my vision around magic and a creature's natural lifespan.
Let's begin with a general rule. Creatures that have a normal lifespan and also have a large amount of mana live for a looooooooong time. For example, humans that have become arch mages live for centuries or millennia.
However, keep in mind that you have to awaken your latent magical abilities to also live longer. If a farmer had the potential to be a mage but never during his life used or awakened it, then he will live a natural human lifespan.
In the cases of having little magic, then your lifespan also doesn't lengthen, seeing that the natural life force is so domineering.
This also doesn't simply stop with magic. If you have a high spiritual ability then once again your lifespan will be lengthened.
Now, let's talk about other races elves, angels and demons all following the same principle. Every elf, demon, and angel is born with a higher aptitude toward magic.
These mana-inclined races are therefore known for their long lifespans, since they are inherently born with 2 life forces. An elf and a human archmage can for example easily become past 600 even though the archmage is far stronger combat-wise. The elves (and demons and angels) most of the time have the luxury of having this second life force without having to really refine it to that extent.
This also has effects on pregnancy or reproduction. Pure magical creatures don't have kids or reproduce, only being with a natural life force reproduces (human with no magic). Now what's going to happen, for example to an archmage? Well, an archmage can reproduce, however the chances are far slimmer than a normal human.
That's also why elves don't reproduce like humans do, since they inherently are born with this magical life force. So basically, if you have a lot of magic, you're going to have fewer kids.