Source : Webster's Revised Unabridged Dictionary (1913)

Elderly \Eld"er*ly\, a.
   Somewhat old; advanced beyond middle age; bordering on old
   age; as, elderly people.

Source : WordNet®

elderly
     adj : advanced in years; (`aged' is pronounced as two syllables);
           "aged members of the society"; "elderly residents could
           remember the construction of the first skyscraper";
           "senior citizen" [syn: {aged}, {older}, {senior}]