Systems and methods for estimating the lifetime of an electrical system in accordance with embodiments of the invention are disclosed. One embodiment of the invention includes iteratively performing Worst Case Analysis (WCA) on a system design with respect to different system lifetimes using a computer to determine the lifetime at which the worst case performance of the system indicates the system will pass with zero margin or fail within a predetermined margin for error given the environment experienced by the system during its lifetime. In addition, performing WCA on a system with respect to a specific system lifetime includes identifying subcircuits within the system, performing Extreme Value Analysis (EVA) with respect to each subcircuit to determine whether the subcircuit fails EVA for the specific system lifetime, when the subcircuit passes EVA, determining that the subcircuit does not fail WCA for the specified system lifetime, when a subcircuit fails EVA performing at least one additional WCA process that provides a tighter bound on the WCA than EVA to determine whether the subcircuit fails WCA for the specified system lifetime, determining that the system passes WCA with respect to the specific system lifetime when all subcircuits pass WCA, and determining that the system fails WCA when at least one subcircuit fails WCA.