I stopped working as an instructor a few years ago, but I keep my instructor certificate active by taking review courses.
The pilot shortage has been a regular story inside the industry for at least the last 15 years.
That was part of the reason that the FAA changed the mandatory pilot retirement age to 65 from 60, 15 years ago. There is talk now about possibly raising it again.
The mandatory retirement is only for commercial flying, there is no age limit on private pilots. I have seen over age 80 guys flying that should have stopped flying. I have seen guys over 90 that were solid, good pilots.
A friend that piloted for Nixon, Ford and Carter on Air Force 1 promised his family he would stop flying at age 60, which he did. When I met him he was over 80 and probably one of the top 2 or 3 pilots I ever met. He was more than competent, but he made the decision and stuck with it.