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That is true. But you can expect more out of a younger bird. It all depends on your goal for keeping the birds. If it is simply the pleasure of keeping them, then you can expect their egg production to slowly decline. This was PROBABLY their peak season of their life. As I said, most hens peak egg production is between 2 and 3 years of age. However, they will continue to lay many eggs over the span of their life. If your goal is a high production egg laying flock (.i.e. the most eggs for your money), then it makes sense to rotate out older birds, particularly those that have not been productive layers as you don't want them breeding back into your flock. With my flock, I keep hens for about 3 to 4 years. I raise new chicks each spring/summer and rotate out older birds as needed. I only keep hens longer than that if I need to keep them for breeding purposes. If you don't rotate birds out occasionally, then your flock will have declining egg production each year and yet you are feeding them the same amount. It doesnt make sense to do that if you want as many eggs as possible out of your birds. This is of course my opinion from my reading and my own experience with my flock. Why spend the money feeding a flock of old birds that lay fewer and fewer eggs each year, when you can maintain a younger flock for the same amount of money? Let them earn their keep!
Also, if you want higher egg production, you should introduce a new line into your flock every few years (i.e. outcrossing). If you don't, you will eventually see egg production and fertility decline as related birds continue to breed to related birds. It takes several generations for this negative result to happen, but it will eventually. Again, it all depends on your goals. If you are breeding for typiness and show quality, you would not want to outcross but focus on line breeding. Outcrossing should improve flock healthy, egg production, fertility, and result in what is known as "hybrid vigor".