My mare turned 38, still likes to play, just a lot more slowly. Now retired, her favorite thing to do is eat! Hips are good, appetite is more than good but one day, if she doesn't decide to pass on her own, I too, may have a decision to make. Got her when she was 10 and we've had a ball over the years. She's a tough old Arabian Cooky!!! Every morning we look out at the coral to make sure she's standing at the gate, ready for breakfast. Know one day she won't call out for it but we are prepared for it. Her life made mine much more bearable, so many times. Won't let her suffer.
Oh, man. I definitely feel for you. I am afraid that time may be coming for us to consider the options as well.
My 20 yr old gelding foundered on the springtime grass several years ago and was in obvious agony. Putting him down was by far one of my life's worst moments. But I knew then, and still know now, that it was the right and best thing for him. It's a hard hard decision, but one of the best you'll make, too... it's just so heart-wrenching