At my club we originally had 4 sets of tee markers. Blue was Championship, White was Mens, Gold was Senior Men (over 60) and Red was Ladies. Several years ago a new set of Black tees were added so we now have 5 sets of tees. The Blacks were designated Super Senior for men over 75. They were made from a combination of Gold and Red Tees so on one Tee you may have set of tees with a Black and Gold markers or a set of tees with a Black and Red markers. Thus we now have 5 sets of tees. The new score card list colors, not names so pick your poison based on length.
In my Senior Men's Groups (must be 55 or older) we adjust handicaps (two strokes) according to the color tees you play. While we still play tees based on age, we are considering dropping that and letting one play any sets of tees they wish to play as the adjustment should suffice.
Thus say a 16 on the Whites, you will be a 14 on the Golds and a 12 on the Blacks. Close enough to rating/slope to make it fair. In the group we adjust handicaps every two weeks based on your last 4 scores.