I actually returned to programming after years managing programmers in part because I was unhappy. I realized that the further I got from the machine and _making_ the less happy I was.
So, if you asked me whether I wanted to be 'managing' at 50, I'd say "Hell, no!".
The enjoyment of making things work, learning and shipping it real. I hope I'm still able to feel those things at 80. I never got the same satisfaction and enjoyment from managing people and processes.