You need a PhD if you’re going to teach in a university. In many (but definitely not all) fields there is a big jump in pay (and responsibility) between the MS and the PhD also. The PhD is supposed to be an independent researcher or scholar. Do you need this kind of intellectual independence for what you intend to do?

Interesting side note. Back in the late 40’s early 50’s a mam worked on his PhD. His topic was FDR. His thesis was not complimentary to the FDR. His Thesis was rejected because of the then great opinion of FDR…

This PhD Candidate licked his wounds filed away his PhD and went on with his life… raising a family a working…. in 90’s he retired and moved to his retirement home…. coming across his PhD Thesis he decide to once again submit it to the University he had attended. The Thesis was accepted and he was finally awarded his Doctorate. Time change with the advantage of distance…..