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D&D Cumulative Aging Effects: (Quoted from the www.d20srd.org)
1. At middle age, -1 to Str, Dex, and Con; +1 to Int, Wis, and Cha.
2. At old age, -2 to Str, Dex, and Con; +1 to Int, Wis, and Cha.
3. At venerable age, -3 to Str, Dex, and Con; +1 to Int, Wis, and Cha.

Theoretically, starting at an advanced age is mostly good for a spellcaster. Played well, you can probably benefit from that bonus to your mental stats much more than the huge penalty to your physical stats will hurt you.

Now how do you justify being venerable and still at level one? Well...