To say "viejo" (old) to an old man can be a little disrespectful. It is better to use the term "anciano" for an old man and "anciana" for an old woman.
Anciano = Old man
Sabio = Wise
Sabiduría = Wisdom
El anciano es sabio. Tiene una gran sabiduría
The old man is wise. He has a great wisdom.