Does it have any value getting a PhD in engineering after 45? I am talking about academia and research.

Suppose, a person doesn't have either professional or academic credentials or experiences. Suddenly he decides to study engineering because he wants to change his stagnation both financially and socially. So, he enrolls in BSc in an engineering program at the age of 40. He completes his BSc at the age of 44, completes his MSc at the age of 45-47, and then completes his Ph.D. in engineering at the age of 49-55.


Does this Ph.D. degree have any material value for this person?


There are multiple factors to think about. 

Firstly, this person never had any corporate and academia related job experience. It is hard to believe that he would be able to get along with these work environments. It is generally hard to mould someone's brain and personality at the age of 40+. So, I believe that he will find hard-times finding a job.

Secondly, most people are forced to retire at the age of 65-68. If he starts his job at 49-55, he has only 16-13 years of his life left for earning money. The amount he earns with his Ph.D. is highly unlikely to compensate for the earnings he sacrificed while getting his degrees.

So, my view would be: this person is not gaining much with his Ph.D.

What do you think?
You can answer this with salary survey data.  Based on the data, it would be reasonable to assume a CS academic would earn $95,000/year a few years after their PhD.  This would rapidly make up for any lost earnings from not driving a taxi during a PhD, so we can determine that the answer is yes without figuring out the taxi driver's earnings or the PhD stipend.