I faced a choice under different, less immediate, and better circumstances. I had to choose between a career path that lead to management, and a career path that lead into a narrow technical specialty. Make sure you understand the fork before you.
My observation has been that once a company tries to push you into management, you either go into management or your career path will suffer. Time in position, rather than age, is what prompts most companies to see "failure to advance" where employees may see "comfortable in position." Starting over resets the clock, somewhere else.
To be fair, companies look at these long term employees, see the amount of organizational experience, and want to leverage that by promotion. Realize that these are very common pressures, and you'll likely encounter similar circumstances repeatedly over time if you choose to remain below management.
That said, taking the plunge into management might allow you to take your career to another level. If you fail, you'll probably be looking for work, but that's about the same likely result as staying, with more money and more experience on the way out. Failure under these circumstances will have very little effect on your ability to land another technical job, and might insulate against future attempts to promote you out of your comfort or skill zones.