Your body loses the fat where it wants, when it wants. There is nothing you can do to speed up fat lose in a specific area of the body. A rule of thumb, although not at all tested or true for everyone, is first on, first off, so if you originally stored your fat in those areas, they will be the last areas to lose the fat.
And...I'm a firm believer that exercise helps everyone, regardless of age. Perhaps even more so with age, as there are a number of positive mental/cognitive returns on time spent exercising, beyond the physical benefits.