I’ve worked 10 years for the county, making more than $100K with a pension, but I hate my job and dread going to work every day. Should I quit?

To get his full pension, Joe still has 30 years of work ahead of him. He can’t imagine staying in a job he hates for three more decades — but he also wonders if the money and benefits are too good to walk away from.

Joe isn’t alone. Worker engagement hit an 11-year low in early 2024, with only 30% of full- and part-time American employees saying they felt highly engaged at work, according to Gallup’s long-running workplace poll.

So why do they stay? One reason is golden handcuffs — benefits or incentives that make it financially attractive to stick around. That includes pensions, bonuses, stock options and even company cars. Often, you have to stay with an employer for a certain period before you’re eligible for those benefits, which can make some employees feel trapped, especially when they’re already unhappy.

Here are a few tips to help you financially plan an exit from a high-paying but soul-draining job.

Work out your monthly survival number

Start by calculating your bare-bones budget — the minimum you need to cover essential expenses like housing, utilities, bills, insurance, transportation, healthcare and groceries. Don’t forget minimum debt payments and regular savings, such as contributions to retirement.

Once you add it all up, you’ll have your survival number — the amount you need to earn to meet basic living expenses. That number could help Joe figure out whether a low-paying but more fulfilling job could support his lifestyle.

Audit your spending

With your survival number in hand, you can take a hard look at your current spending. That means combing through your bank and credit card statements, digital transactions and savings activity.

Where can you cut back?

Maybe it’s canceling subscriptions or limiting takeout. Or maybe you need to delay a bigger purchase like a new car or home renovation.

If your housing costs are eating up more than 30% of your gross monthly income — the standard threshold for affordability — could you downsize or take on a roommate? It might make sense to make those changes before leaving the job you hate.

Run pension and benefit scenarios

Use free online pension calculators to estimate what you might receive based on your current salary, years of service and retirement age. Try running scenarios: What would your pension look like if you stayed another five, 10, 20 or 30 years?

Many county pension plans allow you to collect a pension even if you leave before retirement age, provided you’ve met the service requirements. Some plans let you transfer your benefits to a new employer’s plan or withdraw your contributions in a lump sum.

You can run these numbers yourself or work with a financial advisor to explore what would happen if you invested those funds on your own. You might find that managing your own retirement plan could leave you just as well off.

Every pension plan is different, so talk to your pension plan administrator before making any big moves.