Across animal taxa, migration allows individuals to exploit habitats and resources that predictably vary seasonally in suitability. Theory predicts that the "decision" to migrate or not is shaped by the relative fitness costs and benefits of exhibiting a given life history. Adoption of a migratory strategy is widely thought to reflect a dichotomous outcome; individuals are either resident or migratory, and continue to exhibit this life history until death. In fishes, anadromy and freshwater residency represents a well-studied life history dichotomy. Resident individuals may adopt a migratory life history later in life, but migratory individuals are not known to abandon this pattern. Here, we investigated the fitness benefits, as measured by body size, of residency and anadromy in a salmonid fish, Dolly Varden, Salvelinus malma, in Alaska, and reveal a novel life history: cessation of migration by older, larger individuals. Otolith microchemical analysis of Dolly Varden showed that while most fish migrated to sea at least once in their lives, lifelong resident fish exist in streams with close proximity to the ocean. Moreover, the probability of seaward migration in any year of life decreased annually after an individual's fourth year, and no fish migrated after their eighth year, while the oldest fish were captured in their 11th year. Migration conferred a size advantage in young fish, but the size benefits of marine foraging declined in older fish, at which time fish increasingly "retired from anadromy." Additionally, measurement of both natal otolith chemistry and the gonadosomatic index indicated a continued contribution to lifetime fitness, rather than senescence, in retired individuals. We suggest that the novel life history of reversion to residency by older fish is viable because foraging opportunities are subsidized by the predictable annual supply of energy-rich eggs and carcasses of spawning Pacific salmon.