- May 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Advice on the Best Lifetime ISA (LISA) for Retirement Planning
Hi all,
I am seeking advice on the best LISA for my current circumstances. I am 39 years old and planning to open a LISA this year before I turn 40 and become ineligible to open one. I currently have a Help to Buy (HTB) ISA with a balance of 10.5k, and I do not anticipate using this LISA for purchasing a house; rather, it would be a part of my retirement savings strategy. I have considered transferring the funds from my HTB ISA to the LISA, but the yearly transfer limit of 4k makes this process seem lengthy and unappealing. The 250k house price limit for HTB aligns well with my situation as I reside in a cost-effective region and do not foresee taking out a mortgage above that limit.
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In terms of choosing between a Stocks & Shares (S&S) LISA or a Cash LISA, I am currently invested in an S&S ISA with Vanguard for medium to long-term savings. However, with the ability to liquidate my S&S ISA at any time without penalty contrasted with the restrictions on withdrawing funds from a LISA, it presents a dilemma. Additionally, I contribute to a workplace pension plan. Given that I am a basic rate taxpayer at present and anticipate remaining so for the next five years, but possibly earning over 50k thereafter, which LISA option would be optimal for my financial goals?
Thank you in advance for your advice and insights!
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Open a S&S LISA before you turn 40 with HL, Dodl or AJ Bell, stick enough in there to get in the habit and cover off the ongoing fees, but be strict enough with your investing with a mindset that this LISA is for retirement, not for a home (unless you’re going to take 3 years and as such moving your HTB money to the LISA would start being advantageous due to the higher bonuses on offer). Focus on building your house deposit money in the HTB and a cash ISA/Premium Bonds/best easy access savings accounts. Keep in mind the HTB scheme stops allowing savings in Nov 2029 and the purchase needs to be completed by Nov 2030 if you want the bonus; so if you’re not buying in 5 years get moving to the LISA.
Hi /u/Ok-Morning-6911, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/lisa/
* https://ukpersonal.finance/pensions/
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