You've reached a mid-life crisis - you've been dabbling with writing (perhaps with some success) for years and want to go to the next level. Maybe your kids have grown and left, you've come into some money, you've a long-term illness, or you've unexpectedly become unemployed. What are the options?
It's a question that prose writers more so than poets ask. Prose needs more of a full time commitment than poetry does, and some people who already earn money writing prose (journalists, technical writers, translators, etc) can carry on doing part-time work. Also I think women more so than men follow this delayed career path, their lives disrupted more by parenthood.
You could take early retirement, buy a cottage in the South of France, Walden, or even move to Tahiti, but most of us have to compromise a little.
Creative Writing's a competitive hobby nowadays, verging on a profession. Young budding writers who want to work within academia have to be prepared to move often, and go on short-term contracts. You probably don't want to compete on that level. Look upon your age as an advantage. There's more to writing success than merely writing - you'll have to fill in forms, jump through hoops, meet deadlines, balance competing needs, thoroughly research the market, have the money to buy the right books, be self-critical, etc. Perhaps you won't have as much spare time as some of your class-mates, but you'll have more life-experiences and perhaps you'll be better able to exploit your opportunities.
If you missed the chance to do a full time Masters the first time round, don't worry - it's never too late. In "The Guardian" (8 May 2009) Professor Russell Celyn Jones said that "The MA programme I run at Birkbeck, University of London, attracts people of all ages from around the world and with a wide range of life experience. These doctors, journalists, police, actors and lawyers are clear-eyed about their expectations: they want to pursue a private passion communally for a year."It's not so much the academic surroundings that attract late-comers -
You might be able to take a year off work (a BBC TV reporter did this so that he could do a Masters in creative writing) but of course, you needn't go full time - nowadays many Masters courses welcome mature students, waiving qualification requirements, and offering low-residency, 2 year part-time options with distance learning components, variable speeds, and a choice of terms when you can start. Courses nowadays include sessions on market awareness and the Publishing trade, and assessed material is likely to include a dissertation folio (aka "creative thesis") which may be in poetry or prose, so you needn't take a break from your usual writing and submitting. But do these courses work?
So yes, it can work, but it's risky. See the Poets & Writers page for more US information. The UK is catching up fast with the USA. Suddenly it's become normal for 30% of the bios in a magazine like Rialto to mention Creative Writing degrees. England's UEA isn't quite the Iowa workshop, but it's been around since 1970 - see their Autumn syllabus. It's produced several "mature" writers.
The common factor here is the 1-on-1 contact, something lost during the rise of big business and workshops. Another is the expense. Consultancy and mentoring don't come cheap - mentoring is about $40/hour, and 1,000 words cost at least $10 to be evaluated. Regional Arts Boards can sometimes help with funding or at least offer recommendations.
In the UK, Arvon weeks are frequently mentioned as a life-changing experience. Immersion for a week in a writing environment helps people to start thinking of themselves as "writers".
Poets & Writers have a Literary Events Calendar (a nationwide calendar of readings, workshops, and other literary events) and a page about Writers Conferences, Colonies, and Workshops page showing some US options.
Online groups can help. Erato's Flash Guest Venessa Gebbie is one of many writers who had a post-50 surge. She said "I spent eighteen months on and off working in an online writing group ... That was akin to an apprenticeship." But you need your wits about you if you're going to benefit from such locations. Older people might have an advantage in this respect.