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Too late or hard to start engineering school?

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So I've been in the military almost 9 years and I'm coming up on the end of my term of enlistment. If I reenlist, obviously it will be best for me to stay in the full 20 and retire. I'm leaning toward this, but with the new GI Bill, I'm thinking about getting out and going to engineering school, after which I'd go for my Master's in Sustainable Agriculture. This of course is an 8 or 9 year process.

It would be smarter financially to wait until I retire to get out and do this, the problem is I would be 42 by that time. Going to engineering school and then getting my Master's, I'd be around 50 years old.

Is that still a good time to start a career, or should I do it now?