This kanji visually depicts an old person. The top part represents the hair and head, the middle part suggests a bent back leaning on a cane, and the bottom shows the legs of a person.
'Rō' — Think of the long 'O' sound in 'OLD', like the 'RO' in 'OLD PEOPLE'.
Vocabulary
老人ろうじん
old person, senior citizen
老いるおいる
to grow old
老舗しにせ
long-established shop/business
老化ろうか
aging, senility
敬老の日けいろうのひ
Respect for the Aged Day (a national holiday in Japan)