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WHEN you reach retirement age, what should you do with your money? It is a simple question but one that is fiendishly difficult to answer, given all the variables involved. For those dependent on the state, it is a question of having enough to afford three meals a day and keep the house warm. For those still lucky enough to have a final-salary pension, fewer decisions need to be made. The real problems arise for those who reach retirement with a pot of money, accumulated through the various defined contribution schemes (401k in America).

當(dāng)你到了退休年齡的時(shí)候，你應(yīng)該如何管理你的錢(qián)?這是一個(gè)簡(jiǎn)單的問(wèn)題，但考慮到各種變量，這又是一個(gè)極難回答的問(wèn)題。對(duì)于這些靠國(guó)家福利來(lái)過(guò)生活的老年人，這就是一個(gè)關(guān)于吃飽穿暖的問(wèn)題。而對(duì)于那些依然能有幸拿到離職前退休金的人來(lái)說(shuō)，他們就不需要做太多打算了。對(duì)于那些即將拿著一大筆錢(qián)退休的人來(lái)說(shuō)，他們就需要面對(duì)一些真正的問(wèn)題。而他們的這些錢(qián)，來(lái)自于各種分?jǐn)傢?xiàng)目(美國(guó)的401k退休計(jì)劃)。

Those retirees have a lot of imponderables to consider; how long will they (and their partners) live? What investment return can they expect? What will be the impact of inflation? What will their spending patterns be (will they face big bills for nursing care in their final years)? How will the tax regime change? In financial jargon, they face both investment risk and longevity risk.

這些離退休人員有許多無(wú)法估計(jì)的事情需要考慮：他們(以及他們的合作方)能活多久?他們能得到什么投資收益?通貨膨脹會(huì)帶來(lái)什么影響?他們的消費(fèi)模式該是怎樣(在晚年會(huì)不會(huì)遇到巨大的醫(yī)護(hù)費(fèi)用)?稅制會(huì)怎么改革?用金融行話來(lái)說(shuō)，他們既面臨投資風(fēng)險(xiǎn)，又面臨長(zhǎng)壽風(fēng)險(xiǎn)。

No one can know the answer to these issues. You can get advice, certainly, but that can only help in the most general sense. The current tax rules are always worth knowing. Longevity may not be well understood. According to the Institute for Fiscal Studies, 65-year-olds underestimate how long they are going to live and 85-year-olds overestimate it. The effects of inflation need to be appreciated; prices double every 24 years, so a 65-year-old might easily see the real value of their income halve.

沒(méi)人能回答這些問(wèn)題。當(dāng)然你能得到建議，但是那只能在最廣泛的層面幫助到你。當(dāng)今的稅制是需要了解的。人們對(duì)長(zhǎng)壽可能不大理解。據(jù)財(cái)政研究所稱，65歲左右的老年人低估了自己接下來(lái)的壽命，而85歲的老年人高估了自己的壽命。通貨膨脹的影響需要引起重視;物價(jià)每24年就翻倍，因此65歲的老人可以很容易地看到他們收入的真實(shí)價(jià)值會(huì)減半。