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Ultramagnetized neutron stars or magnetars have been invoked to explainseveral astrophysical phenomena. We examine how the magnetic field of amagnetar will decay over time and how this decay affects the cooling of theobject. We find that for sufficiently strong nascent fields, field decay altersthe cooling evolution significantly relative to similarly magnetized neutronstars with constant fields. As a result, old magnetars can be expected to bebright in the soft X-ray band. The soft X-ray source RXJ~0720.4$-$3125 may wellbe the nearest such old magnetar.Comment: 7 pages, 1 figure, accepted for publication in Ap. J. Letter

How Common Are Magnetars? The Consequences of Magnetic Field Decay