Evolutionary fitness is determined by how an organism allocates energy, or other limited resources, to reproduction during its lifetime. For iteroparous organisms, two alternative patterns of lifetime reproductive allocation are terminal investment and reproductive restraint. Terminal investment maximizes an individual’s current reproductive output by allocating all available resources to current reproduction at the cost of future reproduction. In contrast, the reproductive restraint strategy allocates the individual’s resources toward future survival and reproductive events. We used dynamic state variable modeling to investigate the conditions under which the burying beetle, Nicrophorus orbicollis, would balance between reproductive restraint and terminal investment over their lifetime. Our model provides a formal extension, specific to burying beetle biology, of the dynamic terminal investment threshold conceptual model. For young females, we show that delayed reproduction and reproductive restraint are the optimal tactic for all individuals except for those in the highest condition. However, as age increases, terminal investment becomes the optimal tactic over an increasingly broader range of individual conditions. Surprisingly, manipulation of a variety of factors, such as survival rate, resource availability, and metabolic costs, causes only minor changes in the general pattern observed. We suggest that in burying beetles, and other similar organisms, age plays a dominant role in determining the pattern of reproductive allocation over a lifetime. Individual energetic condition is important in changing the boundaries between alternative reproductive strategies, but it does not change the overall pattern of dominance of delayed reproduction or reproductive restraint at early ages and dominance of terminal investment with increasing age.