这篇文章选自2019年8月26日出版的《彭博商业周刊》 Bloomberg Businessweek
The U.S. economic recovery, the longest in recorded history, has increased Americans’ wealth by $52 trillion, according to the Federal Reserve.
the Federal Reserve 美联储increase by 增加了increase to 增加到
All these riches should generate lots of economic activity.
generate 在这里表示“产生，引起”，例如：generate income / profit 表示“产生收益/利润
The well-off could be buying themselves little luxuries or doing something more productive, like starting new businesses or expanding old ones.
productive 这里指富有成效的、有益的
The extra financial cushion should make Americans feel more secure.
cushion “软垫；坐垫”，另表示“起保护（或缓冲）作用的事物”，如：Housing benefit provides a cushion against hardship. 意思是“住房福利可以减轻人们生活的艰辛”。The extra financial cushion 这里应该理解为额外的财政储备
If only. Many of the recovery's biggest beneficiaries feel anxious.
If only 但愿beneficiary 受益者；受惠人
And financial advisers say even very rich clients often have a crippling reluctance to fully enjoy their money.
crippling 指“使瘫痪；造成严重后果的”，这里用于修饰 reluctance 说明不情愿的程度。
I am surprised how often I sit with a retired couple and have to encourage them to spend more,” says a Financial Advisors.
If well-off retirees are more frugal than necessary, they end up denying themselves the fruits of a lifetime of hard work.
more…than necessary 表示“过于……”frugal 节约的，节俭的”，名词形式是 frugality，例如：a frugal existence / life 表示俭朴的生活。
Their heirs eventually benefit, but the vitality of the American economy suffers.
heirs vitality，例如：to be heir to a large fortune 意思是“是大笔财产的继承人”。注意和successor的区别。vitality 表示“生命力；活力”，例如：infinite vitality 意思是“生机无限”
Wealth is getting more and more concentrated among households that are averse to spending it.
be getting more and more……concentrated among……越来越集中在averse “不喜欢；不想做；反对做”，这里就是用了它的常见用法 averse to sth. / to doing sth. 例句比如：He was averse to any change. 意思是“他反对任何改变。”
Americans' combined net worth is $109 trillion.
net 本身有“净得的；纯的”的意思，比如：net income / earnings表示“纯收入”。Americans' combined net worth 美国人的总资产净值
The money disproportionately flowed to the rich.
disproportionately “不成比例地”，它的形容词形式是 disproportionate，反义词是 proportionate 表示“成比例的；相应的”。
Of course, some of these people have no problem spending their fortunes on luxurious things or philanthropy.
philanthropy “博爱；慈善；乐善好施”，它的形容词形式是 philanthropic，philanthropic work 意思是“慈善工作”
Your more typical millionaire, though, is often tightfisted. Retirement experts and financial advisers disagree on exactly why.
tightfisted “吝啬的”，这个词很形象，tight 意思是 “紧的”，fist 是拳头，拳头很紧，就是很吝啬。近义词有 closefisted
Some caution with money is rational when there’s so much uncertainty about investment returns and longevity.
longevity “长寿，长命，持久”，例如：health and longevity 意思是“健康长寿”。
Yet Miller, president of Summit Place Financial Advisors, says that even truly wealthy retirees, who have more than enough assets to cover any eventuality, often ignore her advice on what’s safe to spend.
That's even though she assures them her calculations are done with sophisticated planning software that can game out various scenarios, including living to 100 and severe market downturns.
game out
Many clients think they're doing something wrong if they spend money in a way that causes portfolio balances to drop.There's an aversion to seeing their balances go down, even if it's excess wealth that they'll never need.
portfolio balances 表示“资产组合平衡”，之前还看到过这个balance sheet 资产负债表aversion 表示“厌恶，不喜欢”，go down 表示“下降”excess 在这里作形容词，表示“额外的，附加的”，名词读作 /ɪkˈses/，表示“超过，过度”
Age is a crucial factor.
外刊里常见的“关键的、至关重要的”：crucial,critical,essential,vital
The older people are, studies have found, the less risk they'll take.
Even as some workers and retirees enjoy healthier nest eggs, millions of other Americans are struggling.
nest egg 表示“储备金；备用的钱”
While many current retirees can rely on defined-benefit pensions to produce income that supplements Social Security and protects against longevity risks, most future retirees won't be so lucky.
defined-benefit 表示“固定收益”pension 表示“养老金，退休金”produce 本意是“生产，制造”，在这里引申为“获取”；
They'll end their careers with just a 401(k) or other retirement account, a pot of money they need to make last.
401(k) 401K条款，401k计划始于20世纪80年代初，是一种由雇员、雇主共同缴费建立起来的完全基金式的养老保险制度
Meanwhile, trillions of dollars sit in bank accounts and conservative investments that struggle to keep up with inflation.
sit in bank accounts and conservative investments 前面表示被存进银行，后面表示用于保守的投资struggle to keep up with inflation 难以跟上通货膨胀
Corporations hold almost $2 trillion in cash and buy back their own stock instead of making large capital investments.
stock 在这里表示“股票”，它还有“存货，库存”的意思，所以 in stock 就表示“有存货”，out of stock 就表示“脱销”。
The rate of new business creation in the U.S. is stagnant.
rate 这里是速度
The gap in life expectancy between the average American and the wealthy and well-educated is growing.
life expectancy 表示“预期寿命”
While longevity is flat and even falling for many in the U.S., the well-off can expect to live well into their 80s and 90s.
he well-off can expect to live well into 富人有望活到……
In other words, if the next generation is waiting for an inheritance check, it could take quite a while to arrive.
本文作者：𝙕𝙆𝘾𝙊𝙄
文章名称：Too Scared To Spend
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