Parakeets, also known as budgerigars or "budgies," can live up to 20 years, but 12 to 14 years is more likely. English parakeets and those that are kept in captivity tend to have shorter lifespans and may only live 5 to 8 years. Just like with any other animal, the lifespan depends on a variety of genetic and environmental factors.
How long a parakeet lives after it is brought home from the pet store depends on its age. Very young parakeets have a tan or pale pink nostril area, but when the bird reaches sexual maturity, the nostrils change color to reflect the sex. It is also possible to determine approximate age by looking at how close the stripes on the bird's head are to the nostril area. The closer they are, the younger the bird is.