while true, most people over estimate the time frame it takes for this to occur especially with quality caps
Can't remember what site it was, but they did a re-review of a couple of PSUs that they'd reviewed a decade ago and used in their studios for ten continuous years. One was an OCZ powerstream, the other was a SuperFlower IIRC.
Both comfortably exceeded their rated capacity in Watts when brand new, passing the 110% and 120% loads, and both passed their 100% load test after 10 years.
I'm fuzzy on the details but they either failed the 120% or both the 120% and 110% loads after a decade, likely due to capacitor ageing - but based on this sample size of 2 review units, it's fair to say that the Wattage rating on a (reputable-brand) PSU is what it's expected to still achieve at the end of its warranty period, and it will likely go on working much much longer as long as you don't demand 100% of it beyond the warranty period.
Given that it's good practice to spec a PSU at twice the typical load of the system, it's fair to say that most PSUs will sail past their warranty period by several years and failures aren't likely to be age-related unless they were pushed to 100% or beyond in their old age.
Edit:
I can't find the article. I've got a feeling it was the now-defunct [H]ardOCP site, or possibly TechReport, if anyone wants to go hunting on waybackmachine...