Materfamilias shows how it's done for nous femmes d'un certain age. The soft bohemian scarf, interesting cuff and leopard shoes keep the overall look light, simple and laid-back. Leave the extreme distressing/ripping to the kids (and personally, I think that's a rather affected look even on younger women).
Here are some options that look ageless and workable, all at a lower price point. If the fabric is stiff however, move on. This look requires soft fabric with a bit of drape. (Click on pictures for prices and more info.)
Current/Elliot, on sale at Nordstrom's right now ~