White and Wyeast each suggest that a fixed 20% of the original 100% in the package dies each month. So five months shelf life is it. So for a May 31 "use by" date, I would enter Jan 1.
Interestingly, this also means that we never pitch the 100 billion cells they claim is "pitchable." I just bought two Wye packages and they were 30-days and 60-days old.