America is getting older. By 2050， one-fifth of the U.S. population is projected to be over the age of 65. And the way we’re aging is changing， too. Older people today are more responsible for managing their finances than they were in the past.
美国正在变老。预计到2050年，1/5美国人将超过65岁，而我们变老的过程也在发生变化。比起过去的老年人，今天的老年人在管理自己的财务方面更加尽责。
Yet there’s no escaping an uncomfortable fact of old age： Nearly 20 percent of Americans 65 or older have cognitive impairment， and nearly 10 percent have dementia.
然而，我们无法逃避一个令人不安的老龄化事实：65岁或以上的美国人中，近20%有认知障碍，近10%患有痴呆。
The intersection of these demographic， financial， and health care trends raises difficult questions about how older people should balance their desire to manage their own money with the possibility of cognitive decline. Do they have someone who can step in to help them if necessary？ And will they recognize that they need help before making a costly mistake or getting ripped off？
人口、金融和医疗保健方面的趋势相互交织，从而引发难题，即老年人该如何在管控自己财富的欲望与可能面临的认知功能衰退之间取得平衡。他们是否已有人选，能在必要时介入并帮助他们？他们能否在犯下代价高昂的错误或被诈骗之前，意识到自己需要帮助？
New research by Christopher Tonetti， an associate professor of economics at Stanford Graduate School of Business and a senior fellow at the Stanford Institute for Economic Policy Research （SIEPR）， finds that older investors are acutely aware of this challenge. “People are very concerned about their future self not handing over financial control when they should，” he says.
克里斯托弗·托内蒂是斯坦福大学商学院的经济学副教授，也是斯坦福大学经济政策研究所的高级研究员。他的新研究发现，老年投资者已清醒地意识到挑战。他说：“人们非常担心未来的自己没能在应该移交的时候把财务掌控权移交出去。”
Preparing for the handoff
准备移交
Working with John Ameriks of The Vanguard Group1 and three other academics—Andrew Caplin of New York University， Minjoon Lee of Carleton University， and Matthew Shapiro of the University of Michigan—Tonetti surveyed roughly 2，500 Vanguard clients 55 and older on how they’ve prepared to manage their finances into the future. （The participants were wealthier and more educated than a representative sample of older Americans， and likely savvier with their money.）
联手先锋领航集团的约翰·阿梅里克斯和另外三名学者——纽约大学的安德鲁·卡普林、卡尔顿大学的李敏俊（音译）以及密歇根大学的马修·夏皮罗——托内蒂对约2500名55岁及以上的先锋领航客户展开调查，了解他们为日后个人财务管理所做的准备。（受访者比典型的美国老人拥有更多财富，受过更多教育，而且在理财方面可能也更加精明。）
Overall， the respondents had a pretty realistic sense of their likelihood of experiencing cognitive decline. （On average， they put their chances of having cognitive decline for at least five years at 29 percent; the actual number is 34 percent.） Most said they already had a family member or friend waiting in the wings who could take control of managing their money. “A lot of people came back saying they had someone available who they trusted would do a good job，” Tonetti says. “That was a bit of a surprise.”
总体而言，受访者对自身出现认知功能衰退的可能性有着相当现实的认识。
