That shirt was old as hell to begin with, Yes I keep shirts for more than 2 years? I have shirts that are 5 years old, it's a tshirt man.
You know cotton stops shrinking after a few washes - and this might be a shock to you because your mother probably still does your laundry, but if you don't dry your clothes on the highest heat, they wont shrink.
Not to mention 90% of shirts are "preshrunk" cotton.
What shelf life do your clothes have? I usually don't lose/rip/destroy my clothes after 2 years.