Experts recommend that those in their late 30s should open a Lifetime ISA (LISA) before their 40th birthday, as eligibility ends then. Amy Knight from NerdWallet UK emphasizes the importance of acting quickly to benefit from government bonuses, especially given the approaching end of the current tax year. Contributions can yield significant returns, with projections suggesting a £55,000 pot could grow to over £125,000. This option is particularly beneficial for self-employed individuals lacking pension plans, aiding them to build financial stability for retirement.
Experts are urging savers nearing 40 to open a Lifetime ISA before they lose the chance to benefit from government bonuses, critical for retirement savings.
A LISA allows individuals under 40 to contribute up to £4,000 annually, with the government adding a 25% bonus, potentially growing into substantial retirement funds.
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