i had a teacher last semester who was almost 60 (looked 40) and always did this! i thought it was sooo cute. i think it's sort of like long hair- some ladies need to be young to pull it off, others can wear theirs long forever. go for it!
Personally, I think that people of ages need to tread carefully for any trend. In this case, I don't see that this can be a problem just because of age. So long as you look good and feel good then it shouldn't be a problem.
Depending on the person's shape and whether or not the look in question flatters them, I don't think anything has an age limit. If you look classy and well put together, it doesn't matter whether you're 20, 40, 60 or beyond... it's all in how you carry yourself.