Bolsa Familia (BF) is one of the earliest established poverty-targeted conditional cash transfer (CCT) programs in the world, and, over time, it has experienced a large and heterogenous churn in beneficiaries. The program is among the few CCTs in developing countries that frequently reassess eligibility via household income test: this allows to study the factors associated with exit from social assistance at the individual, family, and community levels. The authors follow a cohort of 105,000 families—90 percent women headed—who joined the program in 2012 and construct a panel of three administrative data sets (the social registry, benefit payroll, and the formal labor market registry) over eight years. The analysis shows that the duration of stay in the program ranges from less than three years for about one-quarter of families to more than seven years for nearly half of families. Factors associated with individual employability, such as the level of education and work experience in the formal sector, predict a more rapid exit from BF. Exit rates fall as the number of children increases and rise with the number of workable adults in the family, which underscore the relationship between labor supply constraints and labor mobility. At the community level, exit and reentry rates are higher in urban areas and larger municipalities; they also increase in municipalities that have experienced a recent rise in formal employment. These findings suggest that the BF program, far from generating uniform long-term ‘benefit dependency’, balances different objectives fairly well for a heterogenous target population. It provides cash incentives to invest in human capital of poor children for prolonged periods, but also serves as a temporary last resort social assistance for households that experience an income shortfall. The findings suggest that complementary policies that tackle individual supply-side constraints (childcare, skills, increasing education levels, and job matching) and demand-side constraints (local formal employment opportunities) are all relevant to support greater mobility of families out of means-tested social assistance.