I have DOB (API Name : BirthDate__c) and I want to calculate age in years and months. I have created two formula fields
 

Age in years

FLOOR((TODAY()- BirthDate__c )/365.2425)

 

Age in months (remaining months)

FLOOR(MOD((TODAY()-BirthDate__c),365.2425)/30)

If date of birth is 11 Aug 2013 and todays date is 11 Aug 2015, this gives result as 1 year 12 months. Instead the result should be 2 years 0 months.