Just have a look at their physical stats, mainly stamina, pace, accleration and maybe natural fitness. It's when those drop too far that they're "past it". Their technical, mental and tactical attributes won't drop much, if at all. Older players with good leadership qualities are also good to keep around if your squad in general is young, or lacking a good captain. I've turned around losing streaks by starting an old leader ahead of a younger, better, player. The old guy himself might play worse than the former starter, but the 10 guys around him will play better.
And yes, defenders can play for longer. If they have good stats in other places, then they can play even at a very high level as long as their pace/acceleration is 8+ or so. Nesta has been superb in every game I've played so far even when he's 36, and that's just one example.
The ingame hints and tips list the approximate peak ages for players. This is what the file says:
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Goalkeepers will generally peak and enjoy their best footballing years between the ages of 31 and 35.[COMMENT: Hints and Tips, General, Advanced Level, Note: tells user that goalkeepers are most likely to see their best years between the age of 29 and 32]"
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="Defenders will generally peak and enjoy their best footballing years between the ages of 27 and 32.[COMMENT: Hints and Tips, General, Advanced Level, Note: tells user that defenders are most likely to see their best years between the age of 28 and 31]"
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="Midfielders will generally peak and enjoy their best footballing years between the ages of 27 and 32.[COMMENT: Hints and Tips, General, Advanced Level, Note: tells user that midfielders are most likely to see their best years between the age of 25 and 29]"
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="Strikers will generally peak and enjoy their best footballing years between the ages of 26 and 31.[COMMENT: Hints and Tips, General, Advanced Level, Note: tells user that strikers are most likely to see their best years between the age of 24 and 28]"
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Now I think that players can get the "Experienced" as soon as they hit 30, and since goalkeepers and defenders are in their peak at that age I think it's safe to say that the "Experienced" label is *not* the kiss of death, so to speak.
To re-iterate: A player isn't past it until his physical stats decline severely. Also note that past his best doesn't have to mean past
it. Fat Ronaldo is past his best, but still an excellent striker. There's plenty more examples out there.