The 3rd option is to do interviews every 2 years to gauge your worth and make sure your salary is keeping up. Then bring that data to your boss and ask for a comparable rate. It won’t be as much, but you get to stay at the place you like, you’ll get a good salary or improved benefits depending on how you negotiate, and you’ll have knowledge that will give you a better sense of your value and skillset compared to what’s out there.

I like this method because the lack of pressure to leave also means the jobs I test for are jobs or campanies I really want to go to. Sometimes I learn the grass isn’t always greener, but sometimes it really is. Then hoping is easy.