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You can use your Lifetime ISA to help fund your retirement and access your funds without a withdrawal charge from the age of 60.
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.
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.
If you decide to use your Skipton Online Cash Lifetime ISA to save towards retirement, you should consider:
As your circumstances can change over time you should regularly review whether the type of Lifetime ISA you hold is still right for you.
A Cash Lifetime ISA may not be the best option for retirement savings. It’s generally accepted that saving for retirement is a long term commitment and it could be better to invest in stocks and shares. However, this will depend on your personal circumstances, including your attitude to risk.
You could invest in a pension or stocks and shares Lifetime ISA. While the value of your investment is at risk and can fall as well as rise, it may be possible to receive a better return from a stocks and shares based product over the long term (more than 10 years) than you would from a savings account.
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:
Please be aware that the information we have provided is not advice. If you’re considering varying your existing pension arrangements as part of a decision to invest in a Lifetime ISA, you should seek independent financial advice before making any changes. If you don’t fully understand the pension and tax rules when making changes, you may not optimise your retirement savings and may face an income shortfall in retirement.
Having a financial review is a great way to check whether your savings are on track
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Find out more and apply for our Lifetime ISA
Read our frequently asked questions about Lifetime ISA to help you quickly find the answer you need.
We’ve pulled together what you need to know about using your Lifetime ISA to buy your first home.
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