It's going to make you miserable no matter what you earn?
So, if people are leaving e.g. teaching or nursing in droves, increasing the pay isn't going to change that, there's something else wrong. In fact, you could even argue good pay makes the problem worse because it makes it easier to take early retirement.
So, what needs to change is the working conditions, not the pay, if you want to improve retention.
I left a very lucrative, but incredibly high pressure, career in commercial banking to teach. Theres no way I'd go back to that for any amount of money.