Does time slow as it gets further from a primary source of gravity?

Question

A watch at sea level and at the top of Mt Everest will move at slightly different speeds. So, when you take our perception of time here on earth and compare it with the perception of time on some distant star or planet, what is a year to us may be several decades or centuries out there. So, a distant star could give every indication of being of being millions of 'earth years' old..... Interesting.

Answer 1

No, it doesn't.

Time dilation follows the formula 1/(sqrt(1-(v^2/c^2))), where c = speed of light in m/s and v = velocity in m/s. The faster an object travels, the slower time progresses; the same holds true in intense gravitational fields.

In the absence of any measureable gravity field, time progresses at its "normal" rate.

Answer 2

Every object in space has what is called sphere of influence. Within that sphere, that object is the primary source of gravity. Time actually flows slower as you approach that primary source of gravity (or in your terminology, time flows faster the further you get away from a primary source of gravity). However, for normal gravitational field (any that is not near a blackhole), this effect is very slight and definitely would not amount to millions of years.