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## Financial Situation of a 23F with Inheritance

I, a 23-year-old female, received £50k in inheritance, which is split as follows:
– ┬ú20k in a LISA (with an additional ┬ú5k government bonus)
– ┬ú20k in a 5% ISA
– ┬ú10k in a 5% easy access savings account

Living in London and currently pursuing a PhD, I do not foresee purchasing a house in the near future, possibly not for the next 10+ years. There is also a possibility that I may choose to live abroad, although I am still undecided. The capped amount of £450,000 for LISA towards purchasing a house is concerning, especially considering the property prices in London, where £450k would only suffice for a one-bedroom apartment in zone 2 at best. This poses a dilemma as to whether keeping £20k in the LISA is a wise decision, especially if I later decide to buy a property exceeding the capped amount or opt to purchase abroad.

While the LISA can be utilized for retirement savings, my intention is to utilize this lump sum for a house deposit in the future. I had been anticipating the possibility of the cap being increased in the March budget, but unfortunately, that did not materialize. If I choose to withdraw my funds from the LISA now, I would receive £18,750 back, incurring a loss of £1250. Despite this loss, with the current interest rates, I could potentially recover this amount in approximately a year and a half (provided the rates remain at 5%). Additionally, it concerns me that the £20k in the LISA is not yielding substantial interest at around 2%, leading to a significant missed opportunity.

The situation has left me perplexed, and I seek advice on whether it is advisable to incur the loss now for increased flexibility in utilizing my funds in the future.

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AI Legalese Decoder can assist in navigating the complex legal jargon and regulations associated with financial matters, such as LISAs and ISAs. By using the AI Legalese Decoder, you can easily interpret the intricate terms and conditions surrounding your inheritance, enabling you to make informed decisions regarding the management of your finances. The AI tool can provide clarity on the implications of withdrawing funds from the LISA, potential risks and benefits, and alternative investment options, aiding you in devising a strategic financial plan aligned with your long-term goals and aspirations.

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