Early 40s? It's way too young to think like that. I was referring to people above 50.

I am sure for many in their early 40s, their children are still in sec schools, have big chunks of housing loans to settle, but most importantly they still have good promotional prospects in their careers. You should strive to get promoted to as high as possible before 50, and then cruise from there. And you rightly pointed out that there is more to life. But for the sake of the children, and your own retirement, you should work and save hard while you still have the energy level.

Companies typically sidelined staff over 50, so it will be even more difficult to get that promotion some more with lower energy level. So, don't fight that, instead focus on maintaining the status quo. That is, do your job well, get that bonus you deserved and continue building up that retirement fund.

Even when the salary stagnates, your expenses should reduce as your loans get paid up, financial commitment drop, and your savings rate will go up. This is my situation right now. One of my children have just joined the work force. I don't have to give him allowance ($500 pm or $6k pa) anymore. We used to be paying $2.5k pm for our condo loan, that stopped as well, saving us $30k pa.

But most delightful of all is seeing our investment paying off! Getting passive income of $110k pa from not having to work is the most satisfying!