I think it depends on what the new job entails. When I was a hiring manager and people in management applied for an individual contributor position, I wondered why but didn't ask and didn't hold it against them; though I did inquire if they would be happy as an individual contributor after being in management.
Fast foward, I'm in my early 50s and after several management changes where I worked for over a decade, they made my life miserable and ultimately fired me. I took the opportunity to change to an area within my field I always wanted to work in - as an individual contributor- and was asked the same question during my interview that I used to ask.
Honestly, after the last several years being miserable as a manager and trying to make a bad situation good, now in my mid-50s I'm perfectly happy to be able to learn something new and NOT be in management. Down the line I might change my mind and try to move into management if it feels right... but seriously no desire for it anytime soon.
To sum up, stepping back doesn't necessarily mean sitting back. Changing from management to individual contributor in any type of job can actually be a great opportunity. Wishing you all the best!!
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