Well, unless you see a doctor and talk to them about it, and find out if something is physically wrong that's causing this, it's all going to be a bit of a bandaid.
Premature ejaculation is a form of erectile dysfunction, and there are treatments for it, but no cures unless they can fix something that's physically wrong, and there isn't always something physically wrong.
https://www.mayoclinic.org/diseases-conditions/premature-ejaculation/symptoms-causes/syc-20354900 - in the treatment section, there are some things you can do, like strengthening your pelvic floor muscles, the squeeze technique, etc.
It does sound as if there are other issues that are causing an unsatisfying sex life. Has your wife seen her doctor? At 53, perimenopause is a good possibility, and she may be a good candidate for hormone replacement. That's something she can talk to her doctor about.
You say that you "know it's got to be frustrating for my wife as well." Have you actually talked with her about it? I mean, as a woman, and around your wife's age, I can say that usually, communication is a great thing.
So talk to your doctor, and talk to your wife. I know - it's a lot of talking, but it could be really worth it in the end. :)