When the last bitcoin is mined, that means only that there is no reward for finding the next block.
New blocks can be mined, and when you find one, you will get the transaction fees of the transactions it contains.
For a normal bitcoin user nothing will change.
The blockchain will still grow, but no more new bitcoins will be created.
Ah, I see.
That means lots of miners will still drop out though, right?
Why would anyone mine after the last Bitcoin is mined? It seems like it would be unprofitable.
How do transactions clear if suddenly lots of miners quit at that point?
I get what you are saying, except for the above.