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Retirement
Lifetime ISAs: Your Guide to Maximizing These Savings Accounts
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[QUOTE="Yusra3, post: 335923, member: 31907"] Lifetime Individual Savings Accounts (LISAs) offer a tax-efficient way for Britons to save for a first home or retirement. Here’s how LISAs work to grow your money plus the top providers to open an account with. [B]The Basics[/B] Like traditional ISAs, Lifetime ISAs let you save or invest up to £4,000 tax-free each tax year. The added bonus is the 25% government bonus topping up whatever you contribute annually. [B]Home Buying and Retirement[/B] Withdrawals are tax-free if used towards a first home purchase up to £450,000 or anytime after age 60. This flexibility makes them a strong savings vehicle for millennials balancing both mid and long-term priorities. [B]Watch Out for Penalties[/B] Withdrawing early for any other reason subjects the amount withdrawn to a 25% penalty, although you can redeposit later to a LISA without penalty as long as overall contributions don’t exceed annual limits. [B]Top Providers [/B] [B]Moneybox – Best for Low Cost Simplicity[/B] Easy to use app and low annual management fee of just 0.45%. [B]Nutmeg – Best for Socially Responsible Investing [/B] Nutmeg builds fully digital socially responsible investment LISA portfolios. Management fees from 0.75% to 0.89%. [B]AJ Bell – Best for Hands-On Investing [/B] Open a LISA easily online and choose your own investments à la carte or access ready-made portfolios. [B]Hargreaves & Lansdown – Best for High Service Model[/B] Higher annual fees from 0.45% to 1.5% but wealth of investment choice and guidance. [B]Don’t Leave Free Government Money on the Table[/B] As long as you understand withdrawal restrictions, the 25% lifetime ISA government contribution provides too sweet an offer to pass up for young savers and investors. Prioritize contributing by April 5th annually up to limits before losing out! [/QUOTE]
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Lifetime ISAs: Your Guide to Maximizing These Savings Accounts
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