I usually give them their freedom back.
I find that I control my Sims a lot most of the time; the advantage is that they are high in the green bubble and happy. But they also spend most of their time running after skills, jobs and so on, it's a very "goal oriented" life. So, when they reach their elder age, I find it nice to let them do everything they want: spend the day in their pj's, drown themselves at the bar, watch tv or play computer games. Anything is good if that's their choice. They usually end up having an affair with the sprinklers though.
What I find nice is that their personalities show up much more when they are on free wheel. Often, they also spend a lot of time flirting and romancing their life partner. And I always find this so sweet.