Memories are dynamic. They're not "set once and forget" but they need to be periodically renewed to be kept as memories. That's one thing dreams do, as mentioned in the "Why We Sleep" book.
As renewable resources, memories are subject to influence, to misremembering. They can be influenced by outside events, they can be implanted, they can be altered. That's the source of "false memory syndrome" where kids can be convinced they were victims of sexual abuse when they weren't. Eyewitness testimony in criminal trials can be influenced by prosecutors looking for certain details the witness didn't actually see.
People who had friends with strong experiences, or who have heard about experiences of celebrities they admire, can alter those memories so they think they happened to them.
Memories that are not thought about in decades can disappear altogether -- and if brought up again, will appear as however they're described rather than their original content. Repeated descriptions of memories that conflict with the person's actual experience will eventually take over and replace the true memory.
Possibly this is why so many Fox viewers describe the horrors of the Obama presidency?