Two generic methods based on frequentism and Bayesianism are presented in this work aiming to adequately estimate decay lifetimes from measured data, while accounting for restricted observation times in the measurements. All the experimental scenarios that can possibly arise from the observation constraints are treated systematically and formulas are derived. The methods are then tested against the decay data of bare isomeric Ru-94m(44+), which were measured using isochronous mass spectrometry with a timing detector at the CSRe in Lanzhou, China. Applying both methods in three distinct scenarios yields six different but consistent lifetime estimates. The deduced values are all in good agreement with a prediction based on the neutral-atom value modified to take the absence of internal conversion into account. Potential applications of such methods are discussed.