I'm 40, and over the years have had to do less and less foundation with more moisturizer. I was able to do the china doll look with lots of smooth foundation when I was younger, but same thing, fine lines and foundation don't mix!
I'm currently using some new moisturizer (any decent brand works) and when it's still damp and newly applied, I do a LITTLE foundation (I'm using the Bobbi Brown, but doesn't seem to matter as long as color is right) with the sponge or finger. Then I touch up blemishes or red spots with concealer, a bit of brightener in the dark circles, and voila. There is almost nothing on the areas without blemishes, just a TINY bit of foundation to reflect and smooth. I also had to quit powder, because it would look dry and wrinkly, but my friend loves foundation mousse (also applied very lightly with lots of moisturizer) since she quit powder at 40 too.
We also had to quit make up under the eyes, and keep everything including mascara up on top lid to lift up and out, and a well done brow is like an instant face lift-and I never used to do my brows. You want focus lifted upwards. Keep the rest light. Bold lipstick can be too much with the brows.
If you can get your hands on a gay stylist in a department store etc, they tend to be brow and lip shade gurus. I had a young man give me a casual day shade at a Mac store, I forgot to write it down, and it made such a difference-I was getting comments left and right on looking great-even from the hubs! It was light enough not to be noticed, but really complimented my complexion, and it was a shade I never would have picked. He wasn't working there anymore when I went back to try to find it again. :(
Don't forget lots of sleep and water! And sugar ages us!