My parents are fiscally conservative "millionaires". They are 70 and 71 and may never need to tap their investments for operating cash (they can live off of pe

My parents are fiscally conservative "millionaires". They are 70 and 71 and may never need to tap their investments for operating cash (they can live off of pension + social security + misc income). My pet peeve is that I hope they spend a bit of money on themselves before it is too late. I used to think their "conservative" consumption habits were a generational thing. However, they recently had a college friend who sold their paid off house, bought a very expensive townhouse in DC with their equity plus a giant mortgage (why does a bank give a 30 year mortgage to someone who is 70?), and then proceeded to loose the new house plus all of their equity because they had unexpected medical bills for one of their adult children.