It depends on what thermal paste you're talking about. Many pastes work just fine for many years. Arctic Silver 5 is one paste that performs best if you replace it every year or two.
I replace my MX-2 every 6-12 months depending on temps. If temps stay the same I leave it alone, if they start to raise gradually after a prolonged period of time I re-paste...
I stay away from AS5 simply because it takes to long to cure and if it gets on your board it can cause severe damage..
I've also gone from using AS5 to using MX-2. I've never had a problem with MX-2 performance degrading over time. MX-2 also cools just as well as AS5, doesn't have a cure time, and is not conductive.
I am a moderator here on Toms. Basically here to help anyone in need =)
I hope there isnt a rule against replying to old threads. I am a first timer installing my new motherboard. I removed the thermal paste from my CPU. I'm assuming I should reapply some?