venerable statesman; elder statesman
Refers to an older, experienced, and respected politician. Often carries a nuance of wisdom and long service.
That elder statesman has contributed to national politics for many years.
政治家 is a general term for a politician, while 老政治家 specifically refers to an older, seasoned, and respected one.
Compound of 老 (ろう, 'old') and 政治家 (せいじか, 'politician').