Q1:
to be employed as a pilot (including as an instructor) you will need a commercial licence (and to be an instructor, an instructor rating on top of the CPL).
My 2c
In general, making a career out of being a pilot typically takes more than just qualifications, you need to be willing to build experience to work your way up and that can be a hard road. At 44 with not much experience you will be competing for jobs with people a lot younger at the entry level positions.
As an instructor if you:
a. have good aptitude for flying and had good solid training yoursel,f
b. have good people skills (and teaching aptitude) and some real world experience
c. do not mind working hard
opportunities for instructing are there. Not everyone makes a good instructor and not everyone enjoys the job though, just being a good pilot doesn't mean you will be a good instructor.
It usually isn't paid well compared to other GA jobs. Depends on what you want though - pay isn't everything. Also not all flying schools are equal (as employers and as providers of a good job environment).
If you want to fly, go for it. Do your PPL with a good school (good doesn't necessarily mean big). You will get to know more about the industry and possibilities as you progress and will be better placed to see if flying for money is what you want to do and what area (eg instructing) is where you want to aim for (or move through).
At that point if you still want to go for it as a career, then push on with your CPL. Don't skimp on getting good experience on the way - if you have the finance and time and are not in a hurry add aerobatics, tailwheel, multi engine, etc. At 44 you are going to be behind the curve for many positions but I know of a handful of people who have found a niche starting in their 40s. If you want a high paying glamorous career flying cutting edge aircraft... probably not likely.
Others will have a different take.