LISA B4 im 40?

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Im 38..

Should i consider getting a LISA before i turn 40 ?

Ive owned property before but dont currently

If a lower rate tax payer it can be useful to have one opened before age 40, Stocks & Shares version, for use towards retirement.

If a higher rate tax payer a pension is more tax efficient for retirement.

I have one and I regularly put money in it, alongside my pension. Since it gets 25% top up by Govt, and gains are not taxed when you get money out - it’s a nice income stream to have alongside the pension (keeping it below the free annual allowance).

I opened it when the pension max was £40k and I was hitting that ceiling, now not as much at £60k.

there are pros/cons but I’d say open the account before you turn 40 then you can decide later how much you wish to use it.

Thank you
Yeah ive opened one today

Thank u

It can only be used for buying a first property. As you've already owned one, that option won't apply and you're locking the money away until you turn 60.

They’re to help first time buyers only. As you’ve owned property before you won’t be able to use it to buy a house. You can use it to save for retirement though.

Yeah
Given age 4.state pension keeps rising and may not exist then

And given who knows what the future holds - guess could be helpful to have access to some at 60

Have some private pension etx too
But yea - just thought i should open one b4 too old to open 1

Scarily im only 22 years off 60..

The last 10 years have flown by

Definitely open it before 40 as that's the deadline. You can then decide if it's the right investment for you. Works for me, I put 4k in a Yr, gov adds 1k and the interest rate has been favourable approx 4.5%. All tax free

I have no idea what would be a gd retirement pot 4 someone
( i knw depends on many things)