I'm not yet 50, but I have bifocal contacts, and they work great except for really, really small print. I wore monofocal (one distance, one near) contacts for years and I didn't like them as well as the bifocals. I had a hard time with driving at night with the monofocals; my depth perception was off. I much prefer contacts to the progressive lens glasses I wear at night.
As for dryness, I use Restasis because of chronic dry eyes. It has been really great. Over the counter moisture drops and even the ointments didn't work for me, but the Restasis does, and I can comfortably wear my contacts all day.