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I still have my AV scan for virii that are two years old, doesn't yours, if not, then I know what to attack you with. Old viruses still exist in the wild. My only analogy would be tuberculosis. Not that scary but if you aren't willing to diagnose it, it can be deadly.
Yes, that's OK...........by definition an AV will contain the signatures for viruses from the year dot. But they won't catch the most common ones which are relatively new, unless you regularly update. The other point is that you are not only updating the signatures, you also update the scanning engine and heuristics. This should help to reduce false positives and certainly give you far better protection.