In Japan, more and more elderly people are living alone or in pairs.
Did you patch things up with that elderly person?
Wow! That old man is such a hunky beefcake.
An elderly person is an old person (or an elderly person). Don't call a person a 古い人, though. 古い is used for things, not people. Be nice, they're your elders.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.