Most previous efforts to calibrate how rotation and magnetic activity depend on stellar age and mass have relied on observations of clusters, where isochrones from stellar evolution models are used to determine the properties of the ensemble. Asteroseismology employs similar models to measure the properties of an individual star by matching its normal modes of oscillation, yielding the stellar age and mass with high precision. We use 27 days of photometry from the Transiting Exoplanet Survey Satellite to characterize solar-like oscillations in the G8 subgiant of the 94 Aqr triple system. The resulting stellar properties, when combined with a reanalysis of 35yr of activity measurements from the Mount Wilson HK project, allow us to probe the evolution of rotation and magnetic activity in the system. The asteroseismic age of the subgiant agrees with a stellar isochrone fit, but the rotation period is much shorter than expected from standard models of angular momentum evolution. We conclude that weakened magnetic braking may be needed to reproduce the stellar properties, and that evolved subgiants in the hydrogen shell-burning phase can reinvigorate large-scale dynamo action and briefly sustain magnetic activity cycles before ascending the red giant branch.