It is not uncommon for folks to begin dressing more conservatively as they get older. Guys pass forty and they start wearing ties everywhere, even in restaurants where the waiters dress like personal trainers. Same is true of women. Menopause hits and they start flashing pearls in between the hot flashes.
I've heard it said that this change in style is a reflection of the aging person becoming wiser and more distinguished. Not true. It is to hide the fact that the ugliness of aging makes you turn heads for the wrong reason. Time is the worst makeover artist of all, and once you start to resemble a demolition site, your best interview suit is no longer saved for job interviews.
There's nothing wrong with using nice clothes to punch up a crumbling edifice. A man SHOULD turn to cufflinks when his beard has so many grey and white patches he resembles a squirrel who's had a baking accident.
But instead of investing in better clothing, perhaps older people should instead invest in poorer lighting. Or tinted windows on their cars. Or maybe they should just go all out and adopt the Invisible Man look.
As for older women, well, they should probably just do everyone a favor and stay indoors.