Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.

My mantra is if you want to help people accomplish some goal, make it easy.

Most economists, including me, agree that longevity insurance would make sense for a lot of people.

People exaggerate their own skills. they are optimistic about their prospects and overconfident about their guesses, including which managers to pick.

People worry that if they buy an annuity and then die before the policy starts to pay off, their heirs will lose out. I tell them, "What you should be more worried about is if you outlive your money, you will have to move in with your kids. Ask your kids which of these outcomes they are more worried about."

If people just put away what's left at the end of the month, that's a recipe for failure.

I think the people who've been the most overconfident in our business in the last decade have been the people that called themselves risk managers.