I think this is going the same way as petroleum. My father got his start as a petroleum engineer, and was recruited directly out of college in the 70s for a pretty competitive salary. I don't think he even did a job search. Now, he is in his mid 50s, and said the average age of a petroleum engineer is about his age... thus most of his field is going to retire along with him, and being a baby boomer that's going to be significant.
At the same time, these oil companies are recruiting like mad out of colleges to get people into their companies. Granted, American oil exploration is significantly lower than it once was, but demand for petroleum products doesn't really correlate to the amount of engineers employed to extract it from the earth.
So my answer to you would be the same as my answer to people going into college for petroleum engineering: you'll find employment in this industry, yes. But there's a limit to how much longer the industry will continue to exist in the way it has... will we need people to repair old COBOL systems for the next 100 years? Probably. Is that industry going to grow, and can you even guarantee that people won't refactor their existing machines and phase out COBOL soon? No. But who knows? I'd say your only motivation should be based upon how interested you are in maintaining and developing those systems. Otherwise the crap you have to put up with for the pay will never be worth it, even if it's exponentially higher than the average.