Or:

Don't retire 'em. Launder once more, and then add batting and/or new top/bottom as needed. Shrink the tops and bottoms before adding so they don't pucker the finished piece when it's laundered. A new stitching pattern to quilt it in will settle the batts and keep it from getting lumpy-- ask a sewing maven to do that part if needed.

And viola! Same old snuggle, new life for the quilt. For sentiment/history take a good portrait photo of it before refurbishing and again afterwards.

Of course tatters can be hand-repaired as they're spotted, but no fabric will last forever. Just go over top of it.

~Susan