I agree that you shouldn't let age hold you back from applying to and entering into an academic program. IMO, the bigger issue is how you finance that education and what further education will do to your short- and long-term financial situation. Obviously, servicing debt into old age or dipping substantially into retirement savings isn't ideal. Only you and your SO (I think you have a SO, Dogmama) can decide whether the cost is worth it. Obviously, employment prospects, average salaries and how long you intend to stay in the job market before you retire again should ideally factor into the equation as well.

I offer the caveat that I work for the US Bankruptcy Court. To say I'm debt averse is an understatement. So, take my advice for what it's worth.