来自《耶鲁大学开放课程：金融市场 第18集 第18集》

• 
  
  everyone goes through their life cycle
  每个人生命中都必将经历的困难
• 
  
  --you're young; you're healthy for a while; you're working.
  你现在年轻 健康 有工作
• 
  
  Then, your health starts to deteriorate and then
  之后你的健康状况开始恶化
• 
  
  you have years or decades
  然后你要经历
• 
  
  when you are either not inclined to work
  不想工作或丧失工作能力的岁月
• 
  
  or cannot work and this happens with such regularity
  这一切都如此自然地来到
• 
  
  that it requires some kind of professional management;
  于是产生了专业管理的需求
• 
  
  that's what pension funds do.
  这也正是养老基金所做的
• 
  
  I want to talk about these in some more detail.
  我想详细讲一下
• 
  
  It wasn't until the nineteenth century that we had them,
  养老基金直到19世纪才出现
• 
  
  which is kind of surprising
  它的出现是一个惊喜
• 
  
  because it's such an important problem.
  因为他的确解决了重大难题