Steve mentioned your options. However wood posts may rot off after a while or come loose. Guessing at your neighborhood where you are at, the metal should be just fine and I bet there are a lot of them around. As Steve said, old and cured concrete is hard drilling but go as deep for the deepest anchors you can get and they should hold fine for a long time. They make an epoxy to refill the holes anyway if that is ever needed.
I don't like some of the boot/shoes for the iron railing you can buy at some of the home cheapos. They are either light weight or made of cast which can break after much time and then they need replacing. Look for good quality railings. Good luck. By the way, you don't need a college degree from Harvard to install them, just tools, patience, and sweat. A good hammer drill with extra bits is a must.