Increasing. Women's fertility drops in their lifetimes until she can't conceive at all (infertility.) it's mostly gradual until late 30s, then quicker. At 40 estimates are 50% of women can no longer conceive; for most its roughly 10 years before menopause. Pregnancy risks are increasing risk of congenital anomalies (birth defects) and early pregnancy loss, as well as some maternal medical risks.
Varies. As age increases fertility decreases. As age increases the risk for almost all pregnancy complications increase, particularly genetic defects, gestational diabetes, pre-eclampsia, premature labor, and premature delivery among others.