Formula to calculate current age in years based on a date of birth / birthday date

The naive solution using DateDiff("year", [Birth Date], Today()) hits a snag because DateDiff inherently divides the difference in the number of days by 365 to get the number of years but then rounds this output to a whole number. This gives false readings, like in the below example:

The below formula includes an algorithm that matches the way humans calculate age.

If(DateAdd("year", DateDiff("year", [Birth Date], Today()), [Birth Date]) > Today(), DateDiff("year", [Birth Date], Today()) - 1, DateDiff("year", [Birth Date], Today()))

Every time the same month and day elapses as the date of birth, age is incremented by 1 year. This method will be inclusive of edge cases, like birth dates on leap days.