I read "pensionista". This seems to be a word that does not exist in Italian today. We use the word "pensionato" to mean "retired". "Pensione" can also be used to mean (here I may use some inapposite word) a periodical income. So, what I think, but I can't be sure, is that Carlo was a man who lived with some sort of annuity (even if at that time welfare as we mean it today did not exist)
Giuseppe "Pippo" Moccaldi
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