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An old tire poses a safety hazard. For some people, old tires might never be an issue. If you drive a typical number of miles, somewhere around 12,000-15,000 miles annually, a tire's tread will wear out in three to four years, long before the rubber compound does. But if you only drive 6,000 miles a year, or have a car that you only drive on weekends, aging tires could be an issue.
You'll find tire-company recommendations for rotation that range from every 3,000 miles to 15,000 miles. The best interval is probably somewhere in between, at about 7,500 miles, unless the tread on one or more of your tires is wearing differently from the rest. Michelin, for instance, suggests rotating tires every 6,000 to 8,000 miles. I won't re-balance a tire unless I notice odd wear patterns or, as you mention, feel a vibration.