I purchased a home two years ago, and the previous owners lived half the year in the house and half out of state. The water heater was installed in 1987 and so far I have had no problems. It is an electric 50 gallon water heater. What is the usual life span of these? I am thinking about replacig it as a precautionary measure and wondering if this is prudent. Also it is 50 gallons, we have one bathroom, and two adults and one child in the house. there are two showers and one bath a day, two loads of laundry done, and no dishwasher. Is 50 gallons necessary? Or can I think about going the 40 gallon route. as it stands now we can do a load of laundry and then fill the tub with no loss of hot water at all.