Thank you. I'm right on track.
One of the properties of these plans, if properly designed, is that they can also have a lot of the properties of a very flexible plan. Let's say you have been putting this money in all these years, you hit age 65, and 2008 happens all over again. In 2008, those people who were just entering retirement took a massive hit, and that's not fair. That's not right.
These plans can be designed so that if 2008 hits again, they say, okay, we need some adjustments here. Those who contribute will contribute a little more. Those who are taking money out will take some out. In a sense, it becomes an insurance plan, where everyone in the scheme, in the plan, at every point in their lives makes adjustments so that those people don't take that big hit.
The final point is that we don't save efficiently. There is a new area called “behavioural economics”, which is exceedingly important to the future of economics. It shows that people do not save rationally. They do not save the amounts, especially when left on their own, that they want to save. You give them a plan and they mean to save. It's like going to the gym and eating better. We all do it. We understand this, but we never get around to enrolling in that savings scheme that we should and want to.
One of these collective savings schemes can be designed in a way to build in the incentives and the nudges, or the prompts, so that more people will in fact save to the degree they want to save.