The reduction in capex (capital expenditures) and opex (operating expenses) for distribution utilities is very important under market conditions. Utilities want to extend the life of existing equipment such as circuit breakers and transformers for deferring investment. They operate distribution transformers over its useful life to maximize the return on their investment. The studies on the distribution feeder reconfiguration have been brought up because distribution utilities have made increased investments in smart distribution systems. In this study, the life extension of the existing transformers is considered as an objective together with other economical ones such as loss minimization in the reconfiguration process. In the proposed approach, the problem is handled as a load balancing problem considering life extension of transformers over a time period using quasi-static time-series simulations, and the problem is solved under operating constraints such as current carrying capacities of feeders to find optimum system topology.