I'm 40 and still actively developing software; I work with another developer who is in his early 50s and a bunch of people in their late 20s or early 30s.
I've not seen a hard plateau in pay but there's definitely a certain amount of soft leveling off in terms of percentages -- early in your career it is way easier to find a new job with a 50% pay increase, once you get into 6 figures that obviously becomes increasingly harder to repeat.
The only pay drop I've had was voluntary, to work at a startup I wanted to work at more than I wanted to maintain the pay I was making previously.
I think you can remain a generalist if you "specialize in being a generalist". My current job is doing Android client software development, but at home I code mostly in Go (servers, camera control systems, embedded Linux GUIs, etc) and I am still constantly learning new tech, new languages, etc, and still enjoy playing with technology in general seemingly much more so than even my late-20s/early-30s coworkers. Just built a RepRap 3d printer at home, have been learning about camera lens design and creating some custom lenses for my cameras (relatively basic Double Gauss designs with 4-6 elements at this point), etc.
I've not seen a hard plateau in pay but there's definitely a certain amount of soft leveling off in terms of percentages -- early in your career it is way easier to find a new job with a 50% pay increase, once you get into 6 figures that obviously becomes increasingly harder to repeat.
The only pay drop I've had was voluntary, to work at a startup I wanted to work at more than I wanted to maintain the pay I was making previously.
I think you can remain a generalist if you "specialize in being a generalist". My current job is doing Android client software development, but at home I code mostly in Go (servers, camera control systems, embedded Linux GUIs, etc) and I am still constantly learning new tech, new languages, etc, and still enjoy playing with technology in general seemingly much more so than even my late-20s/early-30s coworkers. Just built a RepRap 3d printer at home, have been learning about camera lens design and creating some custom lenses for my cameras (relatively basic Double Gauss designs with 4-6 elements at this point), etc.