A method for controlling a wind turbine may generally include operating the wind turbine at an initial power output that is greater than a rated power output associated with the wind turbine. The wind turbine may have an anticipated operational life at the rated power output. In addition, the method may include decreasing a power output of the wind turbine over time in order to maintain an actual operating life of the wind turbine substantially equal to or greater than the anticipated operational life. A final power output of the wind turbine at an end of the anticipated operating life may be less than the rated power output.