You have a reference frame, your reference frame simply describes something along the lines of "where you are". "Where you are" could be how close you are to something massive (a star, a planet) or how fast you are moving.
If you have a watch on your own wrist it will always tick at 1 second from your own perspective (ignoring extreme cases like black holes, where your hand could be in a very different reference frame from your face). It will always be correct and time will never slow down or speed up. It will be exactly the same 1 second that everyone in the universe experiences from their own perspective. However, if someone looked at your watch with a telescope from another reference frame it would be ticking faster or slower than their own watch.
This is where relativity gets its name from "something in RELATION to another." Without checking your relation to something else you can't determine that time flows at different rates.
Think of time as a smooth river. The further along the river you are the more time you have experienced (our classical notion of time does not exist, it has been replaced by distance). If you move into the area of the river that has a strong current you will move through the river faster but from your own perspective the water and people directly around you will still be the same. You would only be able to tell that you are in a strong current if you could see someone who is in the weaker current.
Therefore our clocks do exactly what they should be doing, measuring 1 second by ways of our own frame of reference.
This is the special relativity view and it creates the twin paradox: if your time is going slower and no reference frame is special, couldn't we say his time is going slower instead? Who will age faster? This isn't really a paradox in special relativity, since in SR (i.e. assuming all observers are in fixed inertial frames) the observers can't "age" to meet at a later time: their clocks will diverge, but they will get away from each other so they can never compare how they are aging -- indeed this is a symmetric position. Once you allow them to change frames so they're able to compare their own aging, some frame will have to experience acceleration, and hence break symmetry. That is, the paradox resolves in general relativity.
All this is well explained on wikipedia (much better than I can do).
http://en.wikipedia.org/wiki/Error_analysis_for_the_Global_P...
And it's not a paltry amount - if we didn't understand and plan for this amount, the GPS system would have an error drift of 10km (~6 miles) per day
http://www.amazon.com/About-Time-Einsteins-Unfinished-Revolu...
It helped me to wrap my head around it by comparing it to gravity. If you pick up 1kg of material and place it on a scale, it'll weigh 1kg. If you take that same scale to the moon, and place 1kg of material on it, it'll weigh 1kg. And we can objectively experience that - if we pick up that 1kg on the moon, it'll feel like a bag of sugar.
And this should be the same for time. The clock taken to relativistic speeds will still measure 1 minute as 1 minute. The difference is that in the case of gravity, we can measure that same mass from a distance - we can bring it home and experience it again relative to a different gravity. It's much less intuitive to measure time from a distance.
1kg of material in outer-space will weight zero. And on the moon, about 1/6 of what it weights on earth.
While its mass will remain the same.
Your scale would have to be re-calibrated for the change in gravity to produce the same reading between the measure on earth and the moon - for both weight and mass of an object (a scale can only measure weight, which then has to be converted to mass using the already predetermined gravity force at the location)... Unless it was a really fancy one with some mechanism that could also measure gravity.
With mass this makes sense to us, because we can compare with a constant - we can take the same item with a constant mass and measure it in two different gravities - and because it happens on scales we can perceive. Men bouncing around the moon is a perceivable change. An astronaut coming back from a year on the ISS, being biologically 12.5 seconds younger than if he hadn't gone, is far too glacial for humans to perceive.
Of course, we could just argue that relativity is a myth and the clocks just need to be calibrated.
If I travel fast for years will I be younger when I return home to my twin? or just my clock will say so?
Sorry, going really off topic.
This. This is what I wanted to confirm, thanks. Is there any experiment or some paper which proves this?
But it's really just utterly implausible that it would happen any differently, because biology is just (complex combinations of) ordinary physical processes that follow the ordinary laws of physics like any other. Compare e.g. http://lesswrong.com/lw/hq/universal_fire/
However, there are loads of experiments and papers that show or rely on the fact that everything in one place viewed from another place seems to slow down or speed up due to relativity.
That aging also slows down or speeds up is concluded by induction.