Chronologically, in his 80's, but physically in his 40's. He was a teenager during the Holocaust, so he was likely born in the 1920's. Alpha the Ultimate Mutant, a being that was genetically-created by Magneto, rebelled against him and reverted the entire Brotherhood to infancy.
Moira MacTaggert experimented on the infant Magneto in hopes of finding a way to help her mutant son, Proteus, but failed. Erik the Red used his advanced Shi'ar technology to revert Magneto back into an adult. However, as a means of gaining Magneto's trust and respect, he reverted him to his 'physical prime' rather than his natural age.
This is why Magneto is portrayed as being a very muscular man for his age. His official weight is 190 lbs. (which judging by his commonly drawn appearance, is pure muscle).
So yeah, physically he's old enough to be his lover Rogue's father, but chronologically he could be her grandfather. What a dirty old "Master of Magnetism" Magneto is. ^_^
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