Rolling element bearing failure can cause problems for industries ranging from mild inconveniences such as simple replacement to catastrophic damage such as large production-line equipment failure. Rolling element bearing failure has plagued industries for many years. Bearings are currently monitored to determine whether or not there is a defect in the bearing, but the remaining lifetime of the bearing remains unknown. This research estimates the bearings remaining lifetime through digital signal processing in conjunction with a modified version of Pariss equationa fatigue-failure equation well known in rotating machinery prognostics. An energy quantity, coined the Power Spectrum Value (PSV), is the maximum amplitude of the frequencies within a relatively small band around the resonant frequency of the system. The current PSV is estimated and updated using a chronologically weighted least squares algorithm. It is this PSV which is implemented in the modified Paris equation to determine the remaining lifetime of the bearing. This research presents a non-intrusive method of determining the lifetime of the bearing so that the bearings utility is maximized and reactive maintenance procedures are minimized.