This site is such a tremendous resource for fasion at so many ages! Many members seem to be over 50.
I think it all depends on what you feel your best features are, and how you focus on them - at every age. If you have great skin, go ahead and show some of it. If your eyes or your silver hair is a highlight, do whatever you can to draw attention to it.
My mom-in-law loves Talbots, Jjill and Soft Surroundings styles and she worked in the clothing industry for many years. Tunics, brighter colors and bold jewelry look great on her but I have to encourage her more these days to get out and shop since she stays home a lot more these days as her husband caregiver. I tell her to try to keep looking great even if she's staying home because people come and visit all the time and there's no reason she shouldn't look her best.
Fit, color and quality DO seem more important as we get older. Or maybe we just get smarter ;-).