Over 50's, how did you accumulate your wealth?

Boingsaid seems to have is sussed. However...

Been fortunate enough to have chosen a job with a decent DB scheme which I've been in for almost 40 years and have been reasonably successful in progressing to more senior jobs within the company.

Started an extra DC scheme in my 30s modest contributions at first ramped up recently

Buying my first property in my 20s and always making money on each of my 4 properties and having the mortgage paid off by aged 50 enabling me to invest more in pensions

Paying into the AVC linked to my DB scheme from age 50

Being lucky enough to have a job with a company car since in my 20s so haven't wasted money on car depreciation.

Living within my means always even if it meant doing without certain things especially when I first got on the housing ladder.

Managing to only get married once.

My wife took out a DC scheme in her 20s which is worth a handy sum and will come in very useful. Good move by her as it means we will take advantage of 2 tax allowances once retired. I've been trying to add to this for her recently.

I just bought a house and lived in it. The increase in value far outweighed my wages (1960s 70s & 80s) Then sold up and went long term sailing.

What is wealth?

£10,000?
£100,000?
£1,000,000?

When I was in my teens (and interest rates were 10%) I had a dream to have £100,000, invest it and live off the interest.

I started my first job in 1986 in London earning £6,900 per year gross, my manager at the time was earning around £13,500 which I thought was unbelievable wealth.

According to some crazy statistics:

http://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp

An average income of $32,400 would put you in the top 1% of earners globally.

Anyway, my point is, wealth is relative.

Personally, my wealth came almost exclusively from salary and more recently some investment returns.

Work hard and take opportunities. Salary enabled choices. I paid off extra on mortgage every month, yes honestly - every singe month. At first its negligible but it snowballs. Paid off in full 3 months before I hit 40, decent home for my family.

I didn't spend on stuff I couldn't afford, but we have had nice holidays and some reasonable cars - all second hand until mortgage free.

I paid 5% - then later 7.5% into a pension PLUS avc's from in my 20's.

I got made redundant at age 48 and the redundancy payment enabled me to start a business renovating property. Like everyone has said its all relative, but I will take my pension at age 55, a measly £1000 a month once I've taken the max lump sum.

I will have hopefully, shortly after retirement lump sum spent, 4 properties owned outright, the 1 we live in and 3 rented out. I will probably still do a bit of property renovation / development, 1 or 2 projects a year.

A good project generates about £30 - £40k GROSS profit, and I share it 50 / 50 with my brother. If you don't know what gross and net profit are you probably should not consider self employment.

So in a way property has been a huge contributor, but without capitol to get going, from savings and redundancy, I probably couldn't have done it.

Small wealth by a lot of peoples standards, but I think we will be happy. Health becomes so much more important as you age!

Good Question:

• Came from a poor background, but worked hard at college to get a good degree that leads to well-paid jobs (engineering).
• Never fell into the trap of lifestyle inflation.
• Married a sensible, intelligent woman with similar inexpensive tastes.
• Didn't have kids. (not a money choice though)
• Bought a house in an area where they have appreciated a lot. And never moved house to trade up.
• Driven old, cheap, reliable cars until they could not be economically repaired.
• Took a big risk leaving a good job to start my own business aged 40.
• Worked hard, didn't give up and had a few lucky breaks.
• Always saved as much as possible and and had an eye on pensions and the future.

This would have worked out anyway without having my own business, but that has accelerated things a lot and increased the money safety margin at the cost of a lot more work & stress. Currently I am planning to go 10 years before SP age, but I had never counted on working after 60 anyway.

I slightly envy people with a gold-plated DB pension for the security it gives, but I have managed to get to a place where I should have more than enough (unless the UK does a Venezuela post-brexit and the economy collapses completely).