Senior programmer (28): 5-10 times as valuable as the junior. Makes $120-140k, possibly 150k. Serious stock options possible with the right company. Three-month job searches.
Expert programmer (37): 3-5 times as valuable as the senior, so 15-50 times as valuable as the junior. Makes $150-200k. Leaves the Bay Area/NYC because he can't afford to raise kids there. Has a defined specialty. Job searches take 6-8 months because he's overqualified for everything but high-level positions, and those in his specialty number in the single-digits nationally.
Master programmer (45): TO;DH.
This industry pays well at the entry-level (if you went to a reputable college, live in the right city, know where to look and how to play the game) but doesn't have a clue when it comes to rewarding excellence. Getting better tends to backfire when this industry (being run by dumbass MBA types) continues to insist on structuring itself like a pyramid.