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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).

當你到了退休年齡的時候，你應該如何管理你的錢?這是一個簡單的問題，但考慮到各種變量，這又是一個極難回答的問題。對于這些靠國家福利來過生活的老年人，這就是一個關于吃飽穿暖的問題。而對于那些依然能有幸拿到離職前退休金的人來說，他們就不需要做太多打算了。對于那些即將拿著一大筆錢退休的人來說，他們就需要面對一些真正的問題。而他們的這些錢，來自于各種分攤項目(美國的401k退休計劃)。

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法估計的事情需要考慮：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?通貨膨脹會帶來什么影響?他們的消費模式該是怎樣(在晚年會不會遇到巨大的醫護費用)?稅制會怎么改革?用金融行話來說，他們既面臨投資風險，又面臨長壽風險。

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.

沒人能回答這些問題。當然你能得到建議，但是那只能在最廣泛的層面幫助到你。當今的稅制是需要了解的。人們對長壽可能不大理解。據財政研究所稱，65歲左右的老年人低估了自己接下來的壽命，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價值會減半。