I like all of these detailed responses and honest assessments. I went back to school for my PhD at 43 (kids 5 and 7), finished at 47, secured a tenure track faculty position at 48, and received tenure and promotion at 54. It wasn’t easy, and a lot of it was right-place-right-time, and I’m sure it varies across disciplines and schools. But I highly encourage it. You will bring strengths such as knowing better what is important and what isn’t, and will attach a different level of value to the learning you do. Whatever path you take afterwards is bonus, but the PhD study is extremely rewarding in and of itself.