There are too many variables to give you a direct answer for measuring lifespan, but as you suspect, degraded performance is an indicator of failure.
If this is a USB disk drive (and not a "stick"), Smartmontools is your friend and there should be a package for your distro.
If it is a stick, you're much more limited and testing, such as it is, is data destructive. https://superuser.com/a/376278
To maximize life of solid state media, reducing the number of writes is key. Here's an article to get you started with the basics, but do look into the implications of changes to some of these before jumping.