Dr. KIlgore's standards are pretty much accepted as the standard for age/strength. I'm near 50, and I highly doubt I'll ever bench 295lbs. In fact, having torn a pectoral (3cm tear), pretty much guarantees it.
Don't stop lifting though, you just have to be a bit more smart about it and program accordingly.
http://www.kilgoreacademy.com/freebies.html And to keep in line with OP, I'm kind of partial to my Rogue R-3 rack, but what you have shown works.