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Alex,
I'm 52 and got my ticket 2 years ago. Since I got it 12 days before my 50th birthday, I'm technically not qualified to answer your question but ley me try :-)
Karl is right on with his comments; took me 10 days less than a year, better than 90 hours and about 5K. Bought the plane on my 50th birthday and it made that dreaded milestone one of the greatest days of my life! I fly an average of 2 hours per week and I live for it.
You can learn more than you want from the lesson by lesson diary on my homepage at http://home.ptd.net/~jhwelsch.
To the question about starting with MS Flight Simulator, I say don't do it. I "flew" it for 2 months before starting lessons and had to work hard one in the plane to learn to look outside instead of at the gauges! Also, the damned thing is a LOT harder to fly than the plane. I was landing the plane long before I landed the sim without crashing! (I do use it now for fun once in a while.)
Bottom line - get over to the airport this weekend.
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