I do something sort of similar - I use Japanese honorifics. When a villager becomes an esteemed elder I change their name to '[name]-senpai.' ('upperclassman' [name]) A master in one or two skills but not yet an elder is '[name]-kanpai.' ('underclassman' [name]) And any villager over 70 is '[name]-sama,' ('master' [name]) or '[name]-sensei' ('teacher' [name]) if they're an elder.
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