What does the cryptic crossword clue "Stories of old people taking on new role (8)" mean?

The wordplay uses a charade (building blocks). anagram of FOLK (synonym="FOLK") + ROLE (synonym="ROLE") = FOLKLORE The answer is FOLKLORE.

Stories of old people taking on new role (8)

Guardian Cryptic #29226 | 16 Down | 2023-11-13 flower