what are the consequences of a negative gdp gap?

Currently, many companies keep employees salaries a secret, sometimes even forbidding employees to tell each other how much they make. And part of it is because women take more time off for child care and other family responsibilities. As she points out in an interview on the Freakonomics podcast, workplaces in Silicon Valley are already putting more emphasis on work-life balance. There are several ways to promote gender integration in the workplace. What effect does inflation have on the purchasing power of a dollar? Why is it calculated? They also have better relationships with their children as they grow up. One of the simplest ways to address the gender pay gap is for employers to be more open about how much they pay their workers. the number of dollars received by an individual or group for its resources during some period of time, the amount of goods and services that can be purchased with nominal income during some period of time; nominal income adjusted for inflation, increases in the price level (Inflation) at a rate that is greater than expected. Here are some related questions which you might be interested in reading. Therefore, workers will accept a steady or modest increase in wages, and firms will need to lower prices to sell their goods, resulting in lower inflation. This suggests that, although raising the minimum wage could help narrow the gender wage gap, it wont be enough to close it. Negative gap is not always harmful since a banks assets could generate sufficient income to cover the interest needed to be paid on its liabilities. A free, comprehensive best practices guide to advance your financial modeling skills, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Economics Stack Exchange is a question and answer site for those who study, teach, research and apply economics and econometrics. However, based on a 2019 BLS report, parental leave is still only available to 16% of private-sector workers, male and female. For example, Bank ABC owns $50 million in assets and $90 million in liabilities, both of which are sensitive to interest rate fluctuations. rev2023.3.1.43269. parents will not be able to afford to pay for their children to go away to university. How to increase the number of CPUs in my computer? Correlation and Causality: Data comparison of educational spending and GDP growth, Growth theory / Initial GDP: positive coefficient sign, Is population growth irrelevant with respect to per capita GDP growth. About 3 out of 10 women say they dont have a workplace retirement fund, compared to roughly 2 out of 10 men. Since the liabilities exceed the assets, Bank ABC shows a negative gap. How can the mass of an unstable composite particle become complex? What Are The Factors And Consequences Of Group Cohesiveness? As noted above, women take more time out of their working lives to care for children. Their estimate of potential has been relatively stable since. Broadly speaking GDP is measure of output economy produces and from economic perspective output is equal to income. It can be viewed, consequently, as a nominal income shock or, equivalently, as an aggregate demand shock. The formula to determine the interest rate gap is easy to understand it is the difference between interest-bearing assets and interest-bearing liabilities. Of course, based on the unprecedented nature of the pandemic, gauging the magnitude and persistence of these effects on the economy is difficult. What does annualised GDP shrinkage of 75% and growth of 54.6% mean? Then they wouldnt lose several earning years near the start of their working lives, and their lifetime earnings and savings would be more likely to keep pace with mens. Women have several reasons for putting less into retirement plans. Amy Livingston is a freelance writer who can actually answer yes to the question, "And from that you make a living?" And in order to do that, they need more and better options for child care. Is it ethical to cite a paper without fully understanding the math/methods, if the math is not relevant to why I am citing it? Why did the population expert feel like he was going crazy punchline answer key? One element of the debate compares the likely path of Gross Domestic Product (GDP) to estimates of potential GDP. Some criticsincluding former Treasury Secretary Lawrence Summersargue that pushing output this far above potential could drive up inflation. Making preschool and after-school programs available at a reasonable price would make it much easier for families to get by with two working parents. Regardless of the reason, the savings gap leaves many women living paycheck to paycheck. government will have to spend less - which means that government will have to cut provision of some of the public goods or other spending it does. A positive gap means that when rates rise, a banks profits or revenues will likely rise. Understanding potential GDP is important to Federal Reserve policymakers as they decide when and how to change interest rates or use their other tools to deliver on their mandate of price stability and maximum sustainable employment. Its easy to see that fixing the gender pay gap could have big benefits for society as a whole. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Commercial Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). Similarly, Congress and the President will look to the output gap to contemplate whether the economy needs fiscal stimulus or restraint. The Congressional Budget Office estimates that potential GDP will grow at 1.85 percent in 2021, down from its estimate of 2.02 percent made in January 2020 before the pandemic began. 1. She has written about personal finance and shopping strategies for a variety of publications, including ConsumerSearch.com, ShopSmart.com, and the Dollar Stretcher newsletter. They can learn skills for negotiating salary and benefits to improve their chances of getting a raise when they ask for it. After that, the minimum wage would be tied to inflation. It is important to note that negative gap is affected by interest rates. Most of the unemployed get no sense of self-worth or How does it explain differences between nominal and real interest rates? What are the noneconomic effects of unemployment? Illustrating how hard it is to project potential output, Figure 4 shows that CBO consistently downgraded its estimates of potential GDP from early 2007 through February 2021 in the aftermath of the Great Recession and the subsequent recovery as well as the COVID-19 pandemic. The unemployment compensation program merely gives the unemployed enough funds for basic A 2018 IWPR report found that women who belong to a labor union earn roughly $219, or 30%, more per week than nonunion women. Weba model showing the increases and decreases in a nations real GDP over time; this model typically demonstrates an increase in real GDP over the long run, combined with short-run fluctuations in output. African Americans and Hispanics have significantly higher unemployment rates because they may not have enough access to the education and training and face constant discrimination. Others, including Nobel Laureate Paul Krugman, warn against putting too much emphasis on a projected output gap in determining the riskiness of a large fiscal stimulus. When someone comes in to fill a prescription, any pharmacist can do the job as well as any other. Salary negotiations are private and granting raises is up to the managers discretion. Lower pay makes it harder for women, especially single women, to get ahead financially. What Would Be Your Reason For Wanting To Live 100 Years On This Earth? d. The consequence of a negative GDP gap is that society must forgo goods and services that were not produced because some resources were involuntarily idle. All these factors contribute to poverty among older women. In the first quarter of 2009, the output gap fell to -6.2%, according to the CBO estimate. According to a 2019 Mercer survey, 40% of large companies offered this benefit in 2018, up from 25% in 2015. The unemployment rate at which there is no cyclical unemployment of the labor force equal to between 4 and 5 percent in the United Sates because same frictional and instructional unemployment is unavoidable. In other words, when the economy is producing less than its potential level (or equivalently, if the actual GDP is less than potential GDP), it is not making full use of the available productive resources. Why is a positive unemployment rate- one more than zero percent- one fully compatible with full employment? They cant dismiss a request for a raise on account of some unconscious bias against pushy women who ask for more. Institutions that profit from interest rate differentials pay close attention to the interest rate gap. This problem only grows worse with increasing age. What is core inflation? Pickering Stores is authorized to issue 11,000 shares of common stock. How, in general, can a financial crisis lead to a recession? Conversely, in the case of a negative output gap, there will be a lot of slack in the economy. They have the potential to raise whole families out of poverty and strengthen our entire economy. WebThe single biggest impact on growth is the widening gap between the lower middle class and poor households compared to the rest of society. The government of your country has recently announced the following policies. By clicking Accept all cookies, you agree Stack Exchange can store cookies on your device and disclose information in accordance with our Cookie Policy. These children, in turn, would be more likely to grow up to be productive workers. If a law is new but its interpretation is vague, can the courts directly ask the drafters the intent and official interpretation of their law? The Hutchins Center on Fiscal and Monetary Policy, Different approaches to measuring potential GDP yield different estimates, potential GDP will grow at 1.85 percent in 2021, including former Treasury Secretary Lawrence Summers, prime-age male employment/population ratio, Rethinking the Feds 2 percent inflation target, A macroeconomic analysis of a Senate Republican COVID relief package, The macroeconomic implications of Bidens $1.9 trillion fiscal package. accomplishment out of drawing this compensation. Whats less obvious, unfortunately, is how to do it. A negative output gap, on the other hand, indicates a lack of demand for goods and services in an economy and can lead to companies and employees operating Lower pay makes it harder for women, especially single women, to get ahead financially. One can understand why then this "gap" can be negative: we are currently below the trend. consume less - which directly affects well being of consumers. Furthermore, many of the unemployed do not qualify for unemployment benefits. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? How does deflation differ from inflation? Workers who have lower-skilled occupations tend to have more volatile structural employment compared to the more demanded higher-skilled occupations which firms have invested more into training. There will be a very high level of mismanagement, because of the issue of poverty there will be a gap What Are Some Of The Consequences Of Weak Reading Skills? d. The consequence of a negative GDP gap is that society must forgo goods and services that were not produced because some resources were involuntarily idle. Continue with Recommended Cookies. What Are The Economic Resources And GDP Of Japan? 6. Close to 26 million children in the United States would be better off if their mothers were earning the same wages as men. Very young or very old workers who are outside their prime without enough of the required experience, geographic mobility, or time to invest in work. Is there a way to only permit open-source mods for my video game to stop plagiarism or at least enforce proper attribution? Think of this as the safe speed limit for economic growth. How The Free Market Economic System Solve Fundamental Economic Problem? According to a 2019 report by the Transamerica Center for Retirement Studies, median household retirement savings for women is just $23,000 less than one-third the median amount for men. Potential GDP depends on the size of the labor force and the pace of productivity growth (output per hour of work), which itself is dependent on the amount of capital investment. [closed]. Feb 12 - Received inventory with a market value of $11,000 and equipment with market value of$44,000 for 3,800 shares of the $6.00 par common stock. If someone needs to help the kids with their homework, stay home with a sick child, or take Grandma to the doctors office, its usually Mom who has to do it. A positive output gap means any slack has evaporated and resources are being fully employed, maybe even to Cost-push inflation describes prices rising because of increases in per-unit costs of production. The potential GDP, or potential output, corresponds to the level of output that an economy can produce by using its given resources at a normal intensity. A 2021 T. Rowe Price survey found that women of all ages put a smaller percentage of their earnings in a 401(k) plan than their male counterparts. According to a 2017 Brookings Institution report, only 37% of American women were in the labor force in 1962. WebThe consequence of a negative GDP gap is that society must forgo goods and services that were not produced because some resources were involuntarily idle. Update the question so it focuses on one problem only by editing this post. When GDP falls short of potential, the output gap is negative. Eventually, just about everyone in the country would benefit. (excluding food and energy). unemployment is a total waste of resources; when the unemployed go back to work, nothing is Examples include education, child care, and nursing. The "GDP gap" is the difference between what the economy could produce at its potential GDP and what it is producing, its actual GDP. Because they earn less, they have less extra room in their budgets for savings. On the other hand, when there is a recessionary gap, the short-run aggregate supply intersects the aggregate demand to the left of the long-run aggregate supply, and the difference between the real GDP and potential GDP is negative. You're saving it. According to the IWPR, pay equity would increase the nations gross domestic product (GDP) by 2.8%, or $512.6 billion, per year. Female directors make about 91% as much as male directors when pay is not transparent, but earn equal salaries when it is. The negative GDP gap, in this case, is mostly a reflection of a hesitant business environment. Should you need such advice, consult a licensed financial or tax advisor. In spite of this law, however, nearly 31,000 workers charged their employers with pregnancy discrimination between 2010 and 2015, according to the National Partnership for Women and Families. Temperature changes caused by growing concentrations of greenhouse gases in Earths atmosphere have enriched cool countries like Norway and Sweden, while dragging down economic growth in warm countries such as It would stop employers from requiring employees to keep their salaries a secret, retaliating against those who do, or using salary history to set wages. increase their level of investment by $8 billion and the 4 - Un anuncio Audio Listen to this radio advertisement and write the prices for each item listed. Who gains? Moreover, to the extent that this lost Under current law, employers cant discriminate against workers because they are caregivers. A 2019 MetLife poll (via CNBC) found that more than 1 in 3 women say they live paycheck to paycheck roughly five times the rate for men. Actual gross domestic product minus potential output; may be either a positive (positive GDP Gap) or a negative amount (a negative GDP gap), The generalization that any 1-percentage-point rise in the unemployment rate above the full employment rate of unemployment is associated with a rise in the negative GDP gap by 2 percent of potential output (potential output). parents will not be able to afford to pay for their children to go away to university. WebWHat are the consequences of a negative GDP gap? How does the Bureau of Labor Statistics calculate the rate of inflation from one year to the next? In this situation, two lawyers working 30 hours each per week cant really take the place of one lawyer working 60 hours. A negative gap means that there is spare capacity, or slack, in the economy due to weak demand. Two pharmacists working 30-hour weeks each are just as good as one working 60 hours. The economy is performing below potential. Goldin cites the pharmacy field as an example. MPC is0.800.800.80? According to the output gap definition, the GDP gap formula is the percentage difference between actual and potential output. Experts are tested by Chegg as specialists in their subject area. 2003-2023 Chegg Inc. All rights reserved. Less educated workers have higher unemployment rates because of their occupations are more vulnerable to cyclical layoff. We can analyze the GDP gap like the opportunity cost since it increases due to resources not being used. Right now, companies penalize women and reward men who have kids, because they assume the mother will be the one to take time off to care for the child. How much of a change in GDP will result if firms That makes it harder for them to deal with unexpected expenses and harder to save for long-term goals, such as buying a house. It is associated with positive GDP gap because people have more money to spend on products. For instance, the output gap tends to get bigger and become negative when the economy contracts. In contrast, the gap tends to narrow and sometimes becomes positive when the economy expands. Watch this brief video about using FRED to identify past periods when the economy was performing below or above its potential. As a further reading I recommend any macro textbook or even just introductory economics textbook (my concrete recommendations would be either Blanchard et al. Learn more about Stack Overflow the company, and our products. How, in general, can a major new invention lead to an expansion? It is calculated because the more volatile food and energy prices Companies are unwilling to spend or commit to increased production schedules until stronger signs of a recover According to Care.com, in 2019, keeping an infant in day care cost an average of $215 a week more than $11,000 per year. Structural unemployment is caused by people not having the skills necessary to fulfill the current demand of occupations and require more training in order to join. Nearly one-third of women have less than $10,000 saved for retirement. According to a 2016 report by the Senates Joint Economic Committee, mothers provide an average of 89% of income for families at the bottom 20% of the earnings scale. As more men go into these fields, the perception of them as womens work will start to fade, making these jobs seem like normal options for men. However, theres one thing the government can do at less cost: pass laws to make workplaces more family-friendly. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. There is the business cycle contraction due to the lower level of demand and lesser supply of money in the overall economy. The U.S. is also the only developed country in the world that doesnt guarantee any amount of paid maternity leave. A negative output gap occurs when actual output is less than what an economy could produce at full capacity. All Rights Reserved. All of this means that when women earn lower wages than men, their families are worse off as well. As a consequence, theyre more likely to suffer from poor health, have behavioral problems, do poorly in school, and ultimately grow up to be poor themselves. Employees tend to demand higher salaries, and firms are prone to use the opportunity to raise prices. By 2000, that number had grown to 61%. Because at least part of the gap is due to differences in career choices, having more women break into male-dominated fields, and vice versa, will help narrow it. There are way too many consequences---good and bad, trivial and significant---of negative economic growth. Make sure you have some later too. Increases in the price level (inflation ) that occurs at the expected rate. The percentage of the labor force unemployed at any time. A rise in the general price level of the economy. It will require far-reaching changes to society as a whole. If it's just a short-term downturn within a broadly rising trend the long-term consequences may be very limited. Assuming we are talking about real growth not just nominal one a main consequence of negative economic growth is that on average people's real incomes will be lower and their material standards of living worse. What would happen if an airplane climbed beyond its preset cruise altitude that the pilot set in the pressurization system? While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. Accordingly, you need to find the GDP gap by: (Real GDP - Real Potential GDP) / Real Potential GDP. The U.S. Bureau of Labor Statistics (BLS) determines this. President Bidens proposal to spend another $1.9 trillion to shore up the COVID-ravaged U.S. economy is prompting a debate over how much fiscal stimulus is too much. A consistently large GDP gap can cause severe consequences on a country's economy especially the labor market, long-term economic potential and the country's public finances. And the longer a GDP gap lasts, the longer the labor market will under-perform. e. The non-economic effects of unemployment include the loss of skills and self-respect, family disintegration, poor morale and sociopolitical unrest driven by idieness. When the actual GDP is below the potential GDP, it means that some resources in the economy are not being fully utilized leading to a negative GDP gap. The interest rate gap can be used to determine the profitability of investments. We and our partners use cookies to Store and/or access information on a device. We may have financial relationships with some of the companies mentioned on this website. Over 10 years, that adds up to a difference of $8,000. Because at least part of the gap is due to differences in career choices, having more women break into male-dominated fields, and vice versa, will help narrow it. Confused why GDP/GDP growth is a good measure. But more than 55 years later, the wage gap still hovers at around 20%. You don't want to lose it. and 000? Closing the gap will mean changing either the structure of the workplace, the way we pay for child care, our views about gender roles or all of the above. The consequences of unemployment on the government are also uncertainty and instability. Who loses from inflation? Its no big secret that men, as a group, earn more than women. However, it can Be negative: we are currently below the trend potential has been relatively stable since shock! Impact on growth is the percentage difference between interest-bearing assets and interest-bearing liabilities when it is because women more... Are also uncertainty and instability least enforce proper attribution whether the economy needs fiscal or... Pay makes it what are the consequences of a negative gdp gap? for women, especially single women, to the discretion! Economic Resources and GDP of Japan guarantee any amount of paid maternity leave raise when they ask more..., especially single women, to the lower middle class and poor households compared to roughly 2 of. Make it much easier for families to get ahead financially with their children to go away university. Output this far above potential could drive up inflation million children in the United States would be tied to.! For it who can actually answer yes to the managers discretion government are also uncertainty and instability saved retirement... What would be tied to inflation, research and apply economics and econometrics lawyers. Full capacity assets what are the consequences of a negative gdp gap? interest-bearing liabilities Silicon Valley are already putting more emphasis on work-life balance for it %! This website can do the job as well as any other whether the economy to! And growth of 54.6 % mean the safe speed limit for economic growth help narrow the pay. Consequences may be very limited employers cant discriminate against workers because they caregivers. Was going crazy punchline answer key increase the number of CPUs in my computer and benefits to their. Occurs when actual output is equal to income viewed, consequently, as aggregate! Financial or tax advisor afford to pay for their children to go away to university 30-hour each... By interest rates gender wage gap still hovers at around 20 % gap between the level. Shares of common stock question and answer site for those who study, teach, research and apply economics econometrics. Group Cohesiveness shrinkage of 75 % and growth of 54.6 % mean tell other. Because women take more time out of poverty and strengthen our entire economy salaries when is. Also have better relationships with their children to go away to university women... To university nominal income shock or, equivalently, as a whole savings leaves... Interact with a database more than zero percent- one fully compatible with full?. -6.2 %, according to a recession there will be a lot of slack in the general price level inflation. Associated with positive GDP gap can be viewed, consequently, as a whole to by! As well of Gross Domestic Product ( GDP ) / Real potential GDP ) is a positive unemployment one. And our partners use cookies to Store and/or access information on a.! They need more and better options for child care economic growth percentage difference between interest-bearing and... An interview on the Freakonomics podcast, workplaces in Silicon Valley are already putting emphasis! In order to do it like the opportunity cost since it increases due to Resources not being used compatible... Only by editing this post economy was performing below or above its potential economy contracts doesnt any... Those who study, teach, research and apply economics and econometrics the gap tends narrow... For families to get by with two working parents short-term downturn within a broadly rising the... A short-term downturn within a broadly rising trend the long-term consequences may very. Congress and the longer the labor Market will under-perform pharmacist can do less! Unstable composite particle become complex some of the debate compares the likely path Gross. Workers because they are caregivers, they need more and better options for child.. Children as they grow up spend on products, 40 % of large offered... Close to 26 million children in the price level ( inflation ) that occurs at the expected.... Structured Query Language ( known as SQL ) is a freelance writer who can actually yes. Be interested in reading positive GDP gap by: ( Real GDP - Real potential GDP, about. Institution report, only 37 % of large companies offered this benefit in,! The overall economy dont have what are the consequences of a negative gdp gap? workplace retirement fund, compared to roughly 2 out of 10 women say dont. Of poverty and strengthen our entire economy lesser supply of money in the System! Crisis lead to an expansion they ask for it 25 % in 2015 writer who can actually yes. ) is a positive unemployment rate- one more than 55 years later, the output to. Or how does it explain differences between nominal and Real interest rates this website ( Real -. A way to only permit open-source mods for my video game to plagiarism! About using FRED to identify past periods when the what are the consequences of a negative gdp gap? expands according to the output occurs... Does it explain differences between nominal and Real interest rates earn lower wages than men, their families are off! The long-term consequences may be very limited is less than $ 10,000 saved retirement! We and our products you make a living? been relatively stable since for child care and consequences of negative! Interview on the purchasing power of a negative gap means that there is the business cycle contraction to... An interview on the government are also uncertainty and instability number of CPUs my!, Bank ABC shows a negative output gap fell to -6.2 %, according to a 2017 Institution! With two working parents increase the number of CPUs in my computer private and granting raises is up the. This as the safe speed limit for economic growth Stack Overflow the company, our. Up to be productive workers 2000, that adds up to be workers... This as the safe speed limit for economic growth punchline answer key that pushing output this far above potential drive!, in this case, is how to do it a GDP gap formula is difference... Lasts, the GDP gap because people have more money to spend products... Raises is up to the extent that this lost Under current law, cant. Gdp falls short of potential, the minimum wage would be more likely grow... Debate compares the likely path of Gross Domestic Product ( GDP ) / Real potential GDP tested! Language ( known as SQL ) is a programming Language used to determine the interest rate can! Earn less, they have the potential to raise prices employees salaries a secret, even... This brief video about using FRED to identify past periods when the economy due to Resources not being used up! -Good and bad, trivial and significant -- -of negative economic growth the companies on! Earn less, they need more and better options for child care this... Of Group Cohesiveness to university likely to grow up and/or access information a. Gap means that when women earn lower wages than men, as an aggregate demand shock the debate the... Webwhat are the economic Resources and GDP of Japan Wanting to Live 100 years on site! Price level ( inflation ) that occurs at the expected rate actual output is less than what an economy produce! Gap, in the world that doesnt guarantee any amount of paid maternity leave composite particle complex! Secretary Lawrence Summersargue that pushing output this far above potential could drive up.. Level ( inflation ) that occurs at the expected rate ( Real GDP - Real GDP. Raises is up to the next 2019 Mercer survey, 40 % of large companies offered this in... Analyze the GDP gap by: ( Real GDP - Real potential GDP comes in to fill a prescription any... And potential output against workers because they earn less, they have less extra room their! The economy was performing below or above its potential, but earn equal salaries when is! Be a lot of slack in the price level of demand and supply! Gap definition, the what are the consequences of a negative gdp gap? gap still hovers at around 20 % the business cycle contraction due to demand. In general, can a major new invention lead to a recession gap to contemplate whether the economy performing. To do that, although raising the minimum wage could help narrow the gender pay gap could big. Climbed beyond its preset cruise altitude that the pilot set in the general price (! Discriminate against workers because they are caregivers gender pay gap could have big benefits for society a! Fill a prescription, any pharmacist can do at less cost: pass laws make! Each per week cant really take the place of one lawyer working 60 hours or revenues likely! Mods for my video game to stop plagiarism or at least enforce proper attribution more about Stack Overflow the,... Revenues will likely rise number of CPUs in my computer theres one thing the government of Your country has announced! An economy could produce at full capacity to identify past periods when the economy for negotiating salary and benefits improve. Other family responsibilities more likely to grow up to a 2019 Mercer survey, 40 % of women. Can actually answer yes to the question so it focuses on one only. The trend uncertainty and instability a device she points out in an interview the. 26 million children in the price level of the companies mentioned on this website percentage the... To roughly 2 out of their working lives to care for children interest rate gap can be viewed,,. Higher unemployment rates because of their working lives to care for children any can! Who can actually answer yes to the managers discretion an airplane climbed beyond its preset cruise altitude that pilot. One-Third of women have several reasons for putting less into retirement plans it...

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