  The chemical composition of Earth's atmosphere has undergone substantial
evolution over the course of its history. It is possible, even likely, that
terrestrial planets in other planetary systems have undergone similar changes;
consequently, the age distribution of nearby stars is an important
consideration in designing surveys for Earth-analogues. Valenti & Fischer
(2005) provide age and metallicity estimates for 1039 FGK dwarfs in the Solar
Neighbourhood. Using the Hipparcos catalogue as a reference to calibrate
potential biases, we have extracted volume-limited samples of nearby stars from
the Valenti-Fischer dataset. Unlike other recent investigations, our analysis
shows clear evidence for an age-metallicity relation in the local disk, albeit
with substantial dispersion at any epoch. The mean metallicity increases from
-0.3 dex at a lookback time of ~10 Gyrs to +0.15 dex at the present day.
Supplementing the Valenti-Fischer measurements with literature data to give a
complete volume-limited sample, the age distribution of nearby FGK dwarfs is
broadly consistent with a uniform star-formation rate over the history of the
Galactic disk. In striking contrast, most stars known to have planetary
companions are younger than 5 Gyrs; however, stars with planetary companions
within 0.4 AU have a significantly flatter age distribution, indicating that
those systems are stable on timescales of many Gyrs. Several of the older,
lower metallicity host stars have enhanced [alpha/Fe] ratios, implying
membership of the thick disk. If the frequency of terrestrial planets is also
correlated with stellar metallicity, then the median age of such planetary
system is likely to be ~3 Gyrs. We discuss the implications of this hypothesis
in designing searches for Earth analogues among the nearby stars.
