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Home » Lose Weight Safely » COMMENTARY/JOHN NINFO: Online learning, and other likely COVID-19 effects – MPNnow.com

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As I sit here writing this column on voluntary old peoples lockdown, because of the coronavirus, I find myself thinking more and more each day about how this experience will no doubt have some unintended consequences, and, most likely, some far-reaching changes to our society. Here are just a few.

First, with the schools closing, colleges and universities, as well as K-12, even if the students educational needs are met by online and distance learning, will families be getting refunds for appropriate unused room and board, unearned fees, and unused meal plan monies? Much like the travel industry vendors, will schools initially be pushing back and offering credits for the future, rather than refunds? With the disruption to peoples lives, financially and otherwise, refunds may be very important for some families.

Second, with this experience of online and distance learning by the colleges and universities, will families demand more of this in the future, as a way to, in part, keep college costs and student loan debt down?

Many years ago, I had lunch with the president of a local university. We were sure that within a very few years, state university systems, like our own New York SUNY System, would be using distanced learning to cut costs.

As an anecdotal example, I speculated that many of the (last time I checked) 64 SUNY campuses have a Psychology 101 lecture class with a professor and 100-plus students in an auditorium. What if the SUNY system hired one of the nations most distinguished psychology professors, and streamed or replayed his Psychology 101 lectures to every campus?

I am not advocating eliminating college teachers, since I dont think that they are one of the major reasons for increased college costs, but, I believe that we are going to see that online and distanced learning can work, and save money, and it may change higher education. By the way, in my opinion, as we have discussed, the major factors for increased college costs are the National Student Loan Program, which floods the colleges and universities with money, but no underwriting; the amenities wars; the prestige wars; and the explosion in the administrator-to-student ratios.

Third, there is no doubt that this experience will result in changes to our health systems, and to our compensation systems, which will have to revisit things like paid sick leave, eligibility for unemployment, and more.

Fourth, there will be any number of financial effects from this experience, for individuals, businesses, the stock market, and the overall economy. There has already been much written about how the stock markets drop in value may affect the income stream for many retired individuals who depend heavily on their IRAs; how families with 529 plans may have to make different college choices; and how, if the market does not come back in the nearer future, whenever that may be, many individuals may have to delay their retirements.

However, this is one financial effect that I have not heard addressed. Perhaps Congress will put this on its long to do list. When the stock market was up at near record highs at the end of December, retired people, over 70 at that time, received their notices of the asset values of their IRA accounts, as well as the 2020 Required Minimum Distribution that they are required to withdraw from the accounts, as taxable income (its a formula based upon asset values and life expectancy). Given the, at least for now, drop in the market, those RMDs may represent a greater portion of their remaining accounts asset values than normal, and may artificially affect their future retirement income stream.

Fifth, I have found it interesting that the psychological advice being given to Americans who are being encouraged to stay home in order to practice social distancing and stop the spread of the coronavirus is very similar to much of the non-financial retirement advice that I have been giving for years. It includes creating a daily and weekly schedule, in order to replace and put structure into your life. Also, try to get up and go to bed at the same time. Eat healthy and get some daily aerobic exercise. Also, put some new goals and objectives into your new life; for example, read a personal improvement book, or work to lose weight. Perhaps most important make sure that you find a way to meet your personal socialization needs. For some, this may be the time for more phone calls, emails or Facetiming.

Sixth, I cant help but remember how my came through the Depression parents always stored a healthy supply of non-perishable food and supplies in the basement (not a bomb shelter like some). They consumed things as their use by date approached, but then immediately replaced them. We may all be doing that again in the future.

Last, I am enjoying at least one very pleasant experience as a result of the crisis. What were kind of dead neighborhoods have come to life. There are more people out for runs and walks, young children are playing in their front yards, young people are taking the family dog for a walk, and people that I am pretty sure never do yard work are doing some to keep busy.

On a different subject, my next column will run the Sunday before April 1. As in past years during Financial Literacy Month in April, I will continue my advocacy of a one-semester financial literacy course being mandated for graduation for every high school student. In my opinion, it is more necessary than ever.

STAY SAFE!

John Ninfo is a retired bankruptcy judge and the founder of the National CARE Financial Literacy Program. Find his previous weekly columns at http://www.mpnnow.com/search?text=Ninfo or at http://www.monroecopost.com/search?text=Ninfo.

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COMMENTARY/JOHN NINFO: Online learning, and other likely COVID-19 effects - MPNnow.com

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Home » Lose Weight Safely » COMMENTARY/JOHN NINFO: Online learning, and other likely COVID-19 effects – MPNnow.com