Just moved into 40 year old house... Don't know much about well water other than that we have it and very low water pressure... Any way to increase the water pressure?

Adjust the switch. This site has very good directions, about halfway down the page.

How to Find & Adjust the Water Pump Pressure Control Switch - private pump and well system do-it-yourself repairs

Most people want the switch to turn the pump on at 30# to 40# and off at 50# to 60#. The switch will generally maintain a 20# interval, so you will have 30/50 up to 40/60. Plan being aggressive with the adjusting nuts on the switch. Half turns don't do much in the way of adjusting pressure. Turn it two or three turns at a time, then cycle the pump and see what you have. It is a lot of trial and error.

You will also want to adjust the pressure in the pressure tank to match the new setting for the switch. The tank, assuming it is a bladder tank (air valve on top), will need to be set to 2#below the cut in pressure. So, for instance, if you go with 30/50, then the tank pressure will be set at 28#. This is done by turning off the system, draining the tank through a low level faucet, setting the pressure at the air valve at the top of the tank, and then turning the system back on. Simple!