Using your Lifetime ISA - To help fund your retirement
You can also use your Lifetime ISA to help fund your retirement and access your funds without a withdrawal charge from the age of 60. Any money you keep in the Lifetime ISA after you turn 60 will continue to earn interest tax-free and you can make as many withdrawals as you like without being charged.
Once you reach your 50th birthday, you'll no longer be able to pay into a Lifetime ISA or receive the government bonus. However, your Lifetime ISA savings will still earn interest, or investment returns if you have a Stocks & Shares Lifetime ISA.
If you are employed, you should consider the potential availability of a workplace pension scheme and your tax position. If you save in a Lifetime ISA instead of enrolling in, or contributing to, a pension scheme from your employer or personal pension scheme:
- you may lose the benefit of contributions by an employer (if any) to that scheme; and
- your current or future entitlement to means tested benefits may be affected (these depend on the amount of income and capital you have, which includes savings).