Hi Andy-YES- Electrolytic capacitors definitely do age. It's hard to say what kind of lifetime you can expect from a capacitor. This depends on the quality of the materials used in the capacitor, especially the electrolyte, and how close the to the maximum working voltage capacitor has been operated, also the operating temperature.Sometime you can at least partially restore a capacitor to its original specs by gradually applying voltage to it while monitoring the current. This is known as re-forming a capacitor, and is often done when restoring antique radios. If replacing all of the capacitors is an option and it's not too time consuming or expensive, that is probably the right thing to do.-Rick