"My 11 year old female, spayed dog was laying peacefully on the floor. When I bent down to pet her, I discovered a puddle of liquid on the floor under her hindquarters. It did not smell of urine, but there was a very mild odor and it was clear. I lifted her tail to see where it could have come from and it seemed to come from her vagina. The opening seemed very expanded, but not dilated. Her appetite is good and her bowel functions are fine. Is this an age-related issue or something requiring immediate medical attention?"
As dogs age, urinary incontinence can result, especially in females. This is most likely what you are seeing in your dog, although an examination by your veterinarian is still in order to confirm.
In an age-related incontinent dog (versus a congenital problem), muscles and sphincters aren't as "tone" as they once were, and urine leaks a bit into the common vestibule area. The urine may pool there, causing a "dilated" appearance. This stalled urine can lead to localized infections and may ascend up into the bladder, causing a urinary tract infection. As the dog gets up/lays down, a small pool of urine may be released.
In addition to loss of tone in the urogenital system, diseases such as diabetes or kidney problems often lead to increased urination (and thirst), exacerbating the urine pooling and potential urinary tract infection problem.
I would recommend making a geriatric exam appointment with your vet for a physical exam, to check the urine, and bloodwork to make sure that there aren't any other disease issues to deal with.
Hopefully, this is a case of "simple" incontinence and can be managed medically.
For more information, here is a good article from Washington State University Veterinary School:
Urinary Incontinence
Standard disclaimer: anytime that your pet is not well, not eating, can't urinate or defecate, is painful or "leaking" something, please call your veterinarian immediately. This FAQ is not meant to diagnose or treat your pet; this can only be done with physical examination and proper veterinary care.

