I don't know a single software dev over 40 who isn't employed, and I know many that age. None of them had to change fields. Some are managers, but most are "senior" devs. Many of these guys have been programming internet technologies since the later 90's. It seems in the places I've lived (LA, DC) the salaries are pretty squashed together after 5 years experience. Basically anyone with that experience is getting a si…
Also, last year in Austin I made exactly %20 more than I did in Seattle in 2000. Kinda sad-- up %20 in 15 years-- that doesn't even cover the inflation over that time period. (and I was making more than everyone else there, including some senior people.)
I've decided I need to switch to management, as it's time. In fact it's past time, but I have found that too many companies-- particularly startups-- don't promote managers from engineers, they want "biz guys" who don't understand software to be the "managers" way too often. (at least outside of silly valley.)