If you're happy with your current responsibilities as an IC then you should be able to stay at that top level (Principal engineer) and continue doing what you're doing today, just don't expect a higher pay.
Anecdote isn't data, but it's funny to read this given it's exactly what happened the moment I decided I wasn't happy in management and wanted to be an IC again: a 25% increase in TC pay. And I was very happy with, content with and able to provide for mine on the previous, lower TC (which was still well into six-figures) even though I wanted nothing to do with the work anymore.
Anecdote isn't data, but it's funny to read this given it's exactly what happened the moment I decided I wasn't happy in management and wanted to be an IC again: a 25% increase in TC pay. And I was very happy with, content with and able to provide for mine on the previous, lower TC (which was still well into six-figures) even though I wanted nothing to do with the work anymore.