I'm a professor in my 40s, but I did my PhD in my mid 20s to early 30s.
To give you good advice, it would be helpful to know where you are in your life: What country or region are you looking to do a MS or PhD in? Expectations for what you have to accomplish vary geographically. Are you financially supporting others? Are you independently wealthy? Why do you want to do a PhD or MS? For a PhD, what is your career objective (tenure-track professorship, teaching professorship, researcher in industry, etc.) An MS is often just a bunch of classes over about two years, whereas a PhD involves about four more years (in the USA) where you establish yourself as being capable of conducting and communicating independent research.
Myself and many of my peers treated the PhD program a bit like being in a monastery: you are taking a vow of poverty and there is little time for much more than your research once you complete your coursework. A PhD program will give you a modest stipend, but this is rare for MS programs. I've seen it done, but it is extremely hard to complete a PhD when also raising young children. I worked 60+ hour weeks most of the time, and often a lot more than that around deadlines. Now that I have a young child, it is hard to imagine working that way, unless my partner was almost entirely responsible for childcare, but that's going to be hard to do with the stipends given in the USA.
Keep in mind, just getting into a PhD program is challenging. In computer science in the USA, top-50 programs typically expect you to already have some experience in conducting research, as evidenced through having authored one or more peer-reviewed publications.
To give you good advice, it would be helpful to know where you are in your life: What country or region are you looking to do a MS or PhD in? Expectations for what you have to accomplish vary geographically. Are you financially supporting others? Are you independently wealthy? Why do you want to do a PhD or MS? For a PhD, what is your career objective (tenure-track professorship, teaching professorship, researcher in industry, etc.) An MS is often just a bunch of classes over about two years, whereas a PhD involves about four more years (in the USA) where you establish yourself as being capable of conducting and communicating independent research.
Myself and many of my peers treated the PhD program a bit like being in a monastery: you are taking a vow of poverty and there is little time for much more than your research once you complete your coursework. A PhD program will give you a modest stipend, but this is rare for MS programs. I've seen it done, but it is extremely hard to complete a PhD when also raising young children. I worked 60+ hour weeks most of the time, and often a lot more than that around deadlines. Now that I have a young child, it is hard to imagine working that way, unless my partner was almost entirely responsible for childcare, but that's going to be hard to do with the stipends given in the USA.
Keep in mind, just getting into a PhD program is challenging. In computer science in the USA, top-50 programs typically expect you to already have some experience in conducting research, as evidenced through having authored one or more peer-reviewed publications.