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IN 1965 ANDR-FRANOIS RAFFRAY, a 47-year-old lawyer in southern France, made the deal of a lifetime. Charmed by an apartment in Arles, he persuaded the widow living there that if he paid her 2,500 francs (then about $500) a mon伊皇的害处th until she died, she would leave it to him曾达明 in her will.Since she was粗布风情衬衣 already 90芙蓉王,夏虫不可语冰,淮上, it seemed电音基调查询器 like a safe bet. Thirty years 天品龙侍later Mr Raffray was dead and the widow, Jeanne Louise Calment, was still going strong. When she eventually passed away at 122, having become the world’s oldest person, the Raffray family had paid her more than twice the value of the house.

1965年,法国南部一名47岁的律师安德雷-弗朗索瓦拉弗雷(Andr-Franois Raffray)做了一笔一辈子的交易。他钟情于阿尔勒的一间公寓,并说服了住在那里的寡妇:如果他每个月支付2,500法郎(约合500美元)直到她去世,她将会在遗嘱中把公寓留给他。由于她已经90岁了,这似乎是一个稳赢的赌注。30年后,拉弗雷先生去世,而寡妇让路易斯卡尔芒(Jeanne Louise Calment赤露敞开)依然生气勃勃。当她最终于122岁去世时,她是世界上年纪最大的人,而拉弗雷家族向她支付的金额超过了公寓价值的两倍。

Underestimating how long someone will live can be costly, as overgen曾煜顾晚小说erous governments and indebted private pension schemes have been discovering. They are struggling to meet promises made in easier times. Public pensions are still the main source of income for the over-65s across the OECD, but there are big differences between countries (see chart). In both America and Britain public provision replaces around 40% of previous earnings, but in some European countries it can 情动梓妃渔be 80% or more. Where it makes up a big share of total pension income, as in Italy, Portugal and Greece,a shrinking workforce will increasingly struggle to finance a bulging group of pensioners.


Private pension schemes, which suppl婚诱政妻ement state provision, have been shifting from defined-benefit plans, where 邱读音worke野晒rs are promised a fixed amount of income in retirement,to defined-contribution plans, where workers themselves take on the risk.Such schemes are good for employers but tricky for individuals金恪集团背后股东, who become personally responsible for ensuring they do not outlive their savings. The new stage of life now emerging between work and old age adds a further complication.To accommodate these changes, the financial industry needs an overhaul.