The other issue with expiry is oxidation of the metal endcaps used in SMD parts, like resistors , caps, diodes. So a reel of surface mount resistors that are past 1 year from the date on the reel may not solder well anymore in automated assembly.
If you are hand assembling with that part, you may be able to get it to work, and flux helps. But the automated assembly relies on the flux in the paste and good clean parts to work well.
So, if you are buying parts on reels for automated assembly, don't buy anymore than you think you can build up in about 6 months or so, no matter how much of a deal it is to buy 100,000 parts at one time. Just buy more when you need it and keep on top of the lead times. This is better than having a bunch of old parts that don't wet anymore and can't be soldered on the line. Then you need to throw those away and start over, and there's now more wastage when you thought you would be saving money.