LED Lights have an extremely long lamp life in comparison to incandescent and fluorescent lights, but they are not immortal. LEDs will slowly fade over time, just like the rest of us. However, LEDs can wear out much faster if they are not installed or maintained properly. If an incompatible driver is used, or the LED is overheated, lumen depreciation can accelerate which could eventually cause the overall lamp life to decrease from 80,000+ hours of usage to a mere 10,000 hours.
When the correct driver is installed and proper thermal control is maintained (which can be avoided by using an LED specific Dimming Driver or a heat sink), LED lamp life can easily achieve 80,000+ hours of usage, while still maintaining 70% of the original light output.