TikTok is full of advice on how to retire early. The truth is you just need rich parents | Torsten Bell

Future finances will be shaped by inheritance, but millennials shouldn’t hold their breath, they’ll have to wait until they’re 61“Here’s how to retire early,” promise TikTok’s financial influencers. But the life hacks offered never cover the most important advice: pick the right parents. Because looking ahead, inheritances will decide who does, and doesn’t, get a decent gap between the carriage clock and grim reaper.Household wealth has surged in Britain in recent decades, to total over £15tn, while wealth inequality is twice as high as income inequality (that’s before we recognise that official figures underestimate the assets of the very top by £800bn). Wealth gaps have also stretched between young and old: home ownership rates for young adults have plummeted, while a staggering one in six baby boomers own a second property.Do you have an opinion on the issues raised in this article? If you would like to submit a letter of up to 250 words to be considered for publication, email it to us at observer.letters@observer.co.uk Continue reading...Weiter zum vollständigen Artikel bei TheGuardian Weiter zum vollständigen Artikel bei TheGuardian