By leveraging over 150 years of electoral and biographical data in the Canadian provinces of Ontario, Quebec, New Brunswick, and Nova Scot
… (see more)ia, we argue that voluntary exit is best understood as a cost-benefit calculation shaped by positional and institutional incentives in the legislative arena. We show that institutional changes that make seeking re-election costlier are associated with an increased likelihood of a legislator voluntarily exiting the legislative arena. We also find that the determinants of exit vary across age cohorts: younger legislators are more sensitive to institutional and positional cost-benefit incentives, reflecting greater professional mobility and outside career opportunities. Overall, our results indicate that positional and institutional in part explain a legislator’s decision to not seek re-election, but that their impact of these incentives is mediated by life-cycle and retirement-horizon considerations.