Maya and Ed seem like they have it all. They’re both 40, have high-paying jobs and saved more than $1.5 million combined.
The problem? Maya is miserable at work — it’s harming her mental well-being, and she isn’t sure she can continue. Ed doesn’t want her to put earning money above her health, and he knows they could survive on his income alone.
But Maya worries about retirement, the job market and stepping back during what she thought would be her peak earning years. She wants to make sure that if she quits, it won’t put their future in jeopardy.
While Maya and Ed are a fictionalized couple their struggles are based on real people — and real concerns. Their story captures a dilemma faced by many Canadians: how do you balance financial security with personal well-being, especially when walking away from a lucrative job could reshape your entire future?
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High income, high cost
Maya’s high-stress role as a manager at a tech company has taken a heavy toll over the past year. As her salary has risen, so has the pressure. She believes the cutthroat nature of the work has made it impossible to continue — she has reached the point where she cries every day.
Ed is seriously worried about Maya’s mental health, and he should be. She’s likely suffering from extreme burnout and needs a break from the stress. Still, Maya fears that even if she quits, financial stress will take its place.
Luckily for the couple, they’re in a strong position for Maya to take a step back. As long as they make a short-term plan, they can still reach their long-term goals.
Crunch the numbers
In recent years, Maya and Ed have seen their salaries grow rapidly. They now each earn about $250,000 before tax. They have $1 million in savings, which they had earmarked to buy a home, alongside $500,000 in retirement savings and another $150,000 in investments, with no debt.
It’s not really a question of whether they can “survive” on just Ed’s income — of course they can.
After tax, his net income is about $156,000. Because they live in Toronto, and the cost of living is so high, they spend $60,000 a year on rent, with total yearly expenses — including necessities and non-necessities — pushing their expenses to $110,000. Ed believes that with tighter budgeting, they could trim their spending to at least $90,000.
So why is Maya still worried? With their $1M nest egg, and if they saved $66,000 annually, they’re much further ahead than many Canadians. Statistics Canada’s 2023 Survey of Financial Security revealed that households with a main wage earner between the ages of 35 to 44 held an average net worth of $400,000 or more — and this included investments, home equity and savings, among other assets. Since averages can be skewed by extreme highs and lows, its good to note that the median household net worth for Canadian families is just under $520,000, according to Spring Financial.
Despite being ahead of the curve, Maya sees the economic gap in their budget without her income. With both salaries, they could be saving $222,000 a year, which could put them on track to retire early, a dream they’ve shared since they met. In fact, Maya and Ed have been working on this plan since they met. Given their high earnings, the couple saves 25% of their pre-tax income, rather than the often-suggested 45%, due to their high-earnings. Since they planned to retire at age 50, and wanted to live on an annual retirement income of $125,000 (for 40 years, from age 50 to 90), the couple would need to sock away approximately $5 million in retirement savings.
Maya calculated that with an 8% rate of return (which some experts say is too optimistic), their savings could grow to $3.66 million in 10 years if she stays at her job. Added to what they’ve already saved, that could put them close to their $5 million goal. Being this close to their planned goal makes the decision so difficult for Maya.
Read more: Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you?
Will quitting be too costly?
Maya and Ed can manage if she quits — it only means adjusting their savings plan. That could include pushing back their target retirement age or reducing their projected retirement income. A financial advisor could help them run the numbers based on different scenarios.
The truth is, Maya and Ed have more saved at 40 than many Canadians will ever have. Maya shouldn’t put money above her health, especially when she has a safety net and a partner whose income can cover their lifestyle.
She should also consider taking a medical leave from work. If burnout is the issue, time away could help her recover and give her clarity on whether she wants to return to her job or find something with better work-life balance.
Planning that time away would help her stop stressing, focus on her health and then think about what comes next.
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Sources
1. Statistics Canada: Total and median net worth by age of main income earner and family type (Oct 29, 2025)
2. Spring Financial: What’s the Average Net Worth by Age in Canada?, by Jessica Steer (May 6, 2025)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.