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Financial fallout from the pandemic is hitting millennials hard ¡ª and many will soon turn to their parents for help, if they haven¡¯t already.Before parents ride to the rescue, financial planners urge them to map out a strategy that doesn¡¯t just plug a short-term need but also makes sense in the long run.¡°Often the heartstrings will get pulled ¡ª ¡®I really have to help them!¡¯¡ª but it can be detrimental to the parent,¡± says certified financial planner Jeffrey L. Corliss of Westport, Connecticut.(Of course, financial aid can flow the other way, as many millennials help support their parents. I¡¯m addressing parents here, but most of the advice applies to kids helping their folks as well.)Millennials losing jobs, incomeEven before the pandemic, millennials had lower median incomes, far more debt and a much smaller slice of the nation¡¯s wealth than boomers had at the same age. Millennials ¡ª usually defined as those ages 24 to 39 ¡ª are more likely than older generations to have lost jobs or household income because of the pandemic, various surveys show.¡°I¡¯ve already seen clients coming in, worried about their kids,¡± says CFP Deborah Badillo of Miami. ¡°¡®They¡¯re going to lose the house! What can I do to help them?¡¯¡±Have them explore alternativesEncourage your kids to take full advantage of available financial help before extending yours, Badillo says. They may not know, for example, that unemployment benefits have been dramatically expanded because of the pandemic. Weekly payments are higher and are available to people who normally wouldn¡¯t qualify, including gig workers, the self-employed and people whose hours have been reduced.In addition, there are many more options for people struggling to pay debt. Most mortgages qualify for forbearance programs that allow homeowners to skip payments for up to a year. Hardship programs have been added or expanded by credit card companies and other lenders. Federal student loan payments have been paused until Sept. 30, and income-driven programs can reduce payment amounts after that.Another option is a coronavirus hardship withdrawal, which allows people to tap their IRAs and 401(k)s without penalty if they were physically or financially affected by COVID-19. The withdrawals are taxable, but if the money is paid back within three years those taxes are refundable. Raiding retirement funds isn¡¯t ideal, of course, but your kids have many more years to replenish their retirement savings than you do.Assess your own situationWhile your kids are filing for unemployment and calling their lenders, take a moment to assess your own finances. Where will the cash for your kids come from? It¡¯s one thing to give away money you¡¯ve been saving for a vacation, since you¡¯re unlikely to travel soon anyway. It¡¯s quite another to undermine your own ability to retire or handle a layoff or other setback.Some parents make a conscious decision to operate with a smaller cushion, or to delay their retirements, to help their children, says CFP Lazetta Rainey Braxton in New York. Just keep in mind that you may not get to decide when you retire. Many workers retire earlier than expected, often because of a health problem or job loss. Helping your children now could mean you have to lean on them later, Braxton says. If you¡¯re not sure how this financial aid will impact your future finances, a consultation with a fee-only financial advisor could bring you some clarity.Set some boundariesFinancial planners typically recommend deciding how much to give, and then setting clear boundaries about when the financial help will end. That¡¯s tricky now, of course, because no one knows how long the current economic crisis will last.But parents can still set expectations in other ways, financial planners say. If the child didn¡¯t have an emergency fund, for example, parents can discuss the importance of saving money out of every future paycheck, so the child won¡¯t have to rely on family help again, Braxton says.¡°Some parents will just put on a Band-Aid and give them money, but they really haven¡¯t helped in terms of their financial capacity,¡± Braxton says.If an adult child is moving back home, Corliss suggests a written contract outlining chores and responsibilities, such as how soon they¡¯ll be expected to move out after finding a job. A similar end date can be set for any cash the parents hand out. Corliss says the message should be clear: ¡°We expect you to get on your feet as soon as you can.¡±This article was written by NerdWallet and was originally published by The Associated Press.More From NerdWalletMortgage Relief Programs for Homeowners Hit by the Coronavirus CrisisWhat Is a Credit Card Hardship Program?Cashing Out a 401(k) Due to COVID-19? Consider These Things FirstLiz Weston is a writer at NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. 4841

For anyone who used to play with slot cars as a child, Sweden's new electrified road might bring back some memories.In the first of its kind, the Scandinavian country is trialling the world's first public road which allows electric vehicles to recharge while driving. Similar to a slot-car track, vehicles are able to connect to an electric rail that's embedded into the road.Sweden has a goal of achieving a completely fossil fuel free vehicle fleet by 2030, so this electrified road is part of several projects the Swedish Transport Administration has created to develop and test technologies that may be able to help the country reach its target.In this particular project, 'eRoadArlanda', electricity is transferred via a movable arm that attaches to the tracks built into the middle of the road. While the system is designed with the capacity to feed heavier vehicles such as trucks, it's also developed to work for cars and buses.When vehicles approach the track, a sensor from the car or truck detects the electrified rail and the movable arm lowers from underneath the vehicle and inserts into the rail. The arm has been designed to be flexible, providing the car, or truck, the freedom to move around the road without disconnecting."One of the most important issues of our time is the question of how to make fossil-free road transportation a reality," Hans S?ll, chairman of the eRoadArlanda says."We now have a solution that will make this possible, which is amazing. Sweden is at the cutting edge of this technology, which we now hope to introduce in other areas of the country and the world."The track stretches along two kilometers (1.2 miles) and has been installed on public road "893" just 30 minutes outside of Stockholm.The eRoad has many advantages, S?ll says. If implemented it will mean electric vehicle batteries can be smaller -- and therefore lighter -- because they won't need to retain as much charge, the vehicles will then be cheaper to manufacture and will ultimately be more sustainable.For a heavy truck to be 100% electric, he explains, it would need a battery that weighs 40 tonnes. But if technology like the eRoad was readily available, the truck's battery would be able to weigh as little as 600 kilograms.It would also fix a wider issue that many electric vehicle owners face: The worry and inconvenience of keeping vehicles charged."Today you're not 100% sure how far you can go with your battery but if you have a combination of electric roads you will feel a little bit more confident that you'll get where you want to go," S?ll says.The technology is also safe and adverse weather such as rain, snow and ice should not cause any major issues thanks to draining and usual maintenance. The electricity also isn't a risk to humans or animals."There's no electricity at the surface and the rail is only electrified if an actual authorized vehicle is passing, so if you don't have an electric vehicle that's authorized to use the electricity, the electricity will not be turned on at all -- it will not be on 24/7."There will also be plenty of signage around the area indicating the road is electrified and the system is equipped with safety circuits.S?ll says while the new project cost €6.4 million (.7 million) to develop, if it were more widely implemented across the country it would eventually work out less than €1 million (.2 million) per kilometer to build.That is, if the government decides to implement it nationally."The Government wants to test one or two additional technologies ... that will then be evaluated in two years or so, (and) after that they will pick out one of those technologies (that have been tested) to build a longer pilot stretch that will be between 20 and 40 kilometers," he says.For now, the eRoad will be used and trialled for two years by a truck carrying freight in order to determine how well the innovation works under various weather conditions and in conjunction with normal road traffic.The-CNN-Wire 3992

First lady Melania Trump will attend the funeral for Barbara Bush in Texas on Saturday."Mrs. Trump plans to pay her respects at the funeral on Saturday," her communications director Stephanie Grisham told CNN.Bush, the matriarch of a Republican political dynasty and a first lady who elevated the cause of literacy, died Tuesday. She was 92.The-CNN-Wire 361

Former President Barack Obama and former Vice President Joe Biden were reunited Monday, when they went out for lunch at a Washington, DC, bakery.Obama and Biden spent about 45 minutes at Dog Tag Bakery in Georgetown. The bakery runs a fellowship program, now in its eighth class, that acts as a "living business school" for veterans, military spouses and military caregivers, Dog Tag CEO Meghan Ogilvie told COVER/LINE. Professors from Georgetown University teach fellows, who can earn a certificate of business administration from Georgetown University's School of Continuing Studies. 593

Former California governor and film star Arnold Schwarzenegger had open-heart surgery in California on Thursday to replace an aging pulmonic valve.His representative, Daniel Ketchell, said that the surgery was successful and that 70-year-old Schwarzenegger is in stable condition at Cedars-Sinai Hospital in Los Angeles."Schwarzenegger is awake and his first words were actually 'I'm back', so he is in good spirits," Ketchell tweeted. 443