dns
No, 38 is not too old - and another couple of years would make no difference even if you were!
Agree with Bex here. Theres no right or wrong answer; and the best time to start training will be a gamble. Personally, I'd not want to start training for at least another year and re-evaluate then. Add to that 15 months or so for training, and your talking nearly 2.5 years from now before your looking for work. The skills you pay all that money to learn at flight school are very perishable and you really don't want to come out into several years of unemployent.
Most important of all - do not get suckered in by the flight schools. They're great salesman, and its easy to believe what you want to hear. They're not on your side and just want your money.
Good luck!