I have five kids, the youngest was around 10 when I was 40 the oldest is actually a step daughter and she is only 16 years younger than me. Don't start planning for kids right now. Plan for a good life and kids will follow when you are ready. Until then plan to be very careful and avoid becoming pregnant. 
Safe sex for me when I was a teen and young adult meant date boys, I never started dating girls until I was willing to risk starting a family. 
Just because you are in your 40s doesn't make you out dated, for instance my two of my sons play electric guitar and that is what I do for a living, actually most of the metal guitarists in this area study from me. My home is a music school and the kids have grown up surrounded by bands and music. I often know more about what bands are current in than my kids and they sometimes hear me playing something that is recent and they want me to show then how to play it.
Take your time about having kids.

Nice termonology, mang. ;D (refering to "squeze one out")
I say have a baby when you're ready.^_^ Art thou couageous enough? (quoting The Greak Deku Tree from Zelda. <3^_^)

Life is cruel and the times we live in, they are harsh.  Honestly, there are seldom any good time or place to start a family.  There is alot of evil right now.  I can't say you don't feel love or that you aren't in love with your girlfriend... I'm not you... Nor can I say you all are not ready to start a family emotionally.

But, before marriage and a child should be questioned on becoming a possibility.  I think you all should wait till your love life is stable.  A home and a career.  Also, being in a relationship and living with someone, they are two different things.  I've seen alot of relationships go bad when they begin living with one another at a young age...  But, just the same...  I've seen many also have great lives and happy homes with their family.

But, don't forget.  Children are expensive.  I know, I helped raise my niece after she was just three months.  Diapers, clothes, medicine, doctors, food, baby sitters, etc.  Not to mention the time...  There were many days and nights I went without sleep.  The constant checking on her, changing the diapers, feeding her...

She is now three~I'm the only father she has ever really known, so I would not change it for anything.  I may have gotten aggravated at times.  But, I love her and sometimes wish she were my child.  But, I know I can barely afford to keep my apartment with a room mate.  

Even with a boyfriend instead of a room mate, I still don't think I would try to have a child brought into the house...  Not until we were stable with a good career.

You also have to remember...  With a child, especially when you are young.  There are alot of things you won't be able to do.  Are you ready for that?  Going out every night, chilling with friends whenever you feel like, coming home at any hour, partying and the such...  Those things come after the child, not before.  There is alot of responsibility involved.

No one asked me if I was ready!  I had no choice...  I also was taking care of my mother, she was going to radiation almost everyday for breast cancer!  I lost alot friends during that time.  You begin to realise who are true and who are fake quite quickly.  

Even so, I cherish every moment of that time.  Alot of my fun and child hood, well I learned how to be responsible and mature very young.  I would've preferred to experience things a little differently.  To have been given the choice.  So....  Are you ready?

 well my dad was 43 when my mom had me, he's 62 now, and i've gotta say having an older parent was pretty awesome. older parents are a lot more chill than most younger parents (though i'll admit my dad had four other kids before me). there really is no "right age" to start a family, though the waiting at least two years between kids really helps your body recover. but really whenever you feel ready to make a family is when you should. for about three years i helped my sister and mom raise my sister's babies, it was pretty much like they were my own and it's amazing how much you can love something even though it's only been in the world for just moments. i can't even imagine the connection a mother feels for her own child, but loving a baby is just the most wonderful thing that will happen in your lifetime. so whenever you're ready, go for it.