Another possibility (if you have the stomach for it and if your local economy supports it) is to become an independent consultant. Most of the contracts I see are hourly; work more than 40 hours, and you bill more than 40 hours. One downside is that you have to plan for downtime, though most of the decent consultants I know have minimal downtime. Another downside is that you are responsible for your own taxes and benefits; for many people, that's more than they want to deal with. It's not for everyone, obviously. But if you can handle the extra accounting (which, on the whole, isn't that much) and the increased uncertainty (which may not be that much more, depending on your local market), independent consulting can provide you with a decent income *and* the ability to charge by the hour.