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  • FIRST POST
    • ARandomMiser
    • By ARandomMiser 17th Sep 16, 11:04 AM
    • 937Posts
    • 1,814Thanks
    ARandomMiser
    Lifetime ISA - age discrimination
    • #1
    • 17th Sep 16, 11:04 AM
    Lifetime ISA - age discrimination 17th Sep 16 at 11:04 AM
    Why is the lifetime ISA age limited?
    As someone who is over 40 I would like to contribute towards one as part of my pension/retirement plans but am not able to - why not?
Page 2
    • bigfreddiel
    • By bigfreddiel 10th Oct 16, 4:09 PM
    • 4,071 Posts
    • 1,866 Thanks
    bigfreddiel
    I think there might be a sense that the younger generation had it harder with the housing market, as the low rates allow prices to rise and most youngsters don't have an s&s isa, so struggle to save against house price inflation with only cash

    Also ww2 must've had an effect on reducing housing demand by reducing the population, and that has now worn off
    Originally posted by MatthewAinsworth
    I never had the chance to have an ISA when I was a youngster, how unfair is that! All I had was high interest rates, high inflation, high unemployment, low wages, ........Youngsters today all have it so easy, trouble is they want it all now! They want their forever detached house now, a new car, a high paying job and so on..

    Kids, wise up, you start at the bottom, you buy a house you can afford, may be miles away from a 'nice' area, you decline rip off loans, you don't need an iPhone 7, Netflix, Amazon Prime, gym membership. And so on. At work, you work your way up, you will be paid below the national average because you know nothing, learn your job, get promoted, earn more and so on.

    Good luck fj
    • MatthewAinsworth
    • By MatthewAinsworth 13th Oct 16, 5:52 AM
    • 2,243 Posts
    • 908 Thanks
    MatthewAinsworth
    Some kids do waste money, but material things that the young now have are quite a small proportion of wages relative to house and food prices, relative to the previous generation. I find the previous generation is also more concerned about energy usage, as that was a bigger fraction of the bill in those days.

    The young do have perks like isas and low interest rates, but any benefit from these goes straight into house price inflation, as buyers will put everything they can afford

    Ww3 may be coming, possibly, but I don't really sense much will for it - I.e. countries like Russia or china could've been a lot more aggressive than they have been, and if little Syria can bog everyone down then wider borders should be ok
    • MARTYM8`
    • By MARTYM8` 13th Oct 16, 7:08 PM
    • 1,197 Posts
    • 853 Thanks
    MARTYM8`
    I never had the chance to have an ISA when I was a youngster, how unfair is that! All I had was high interest rates, high inflation, high unemployment, low wages, ........Youngsters today all have it so easy, trouble is they want it all now! They want their forever detached house now, a new car, a high paying job and so on..

    Kids, wise up, you start at the bottom, you buy a house you can afford, may be miles away from a 'nice' area, you decline rip off loans, you don't need an iPhone 7, Netflix, Amazon Prime, gym membership. And so on. At work, you work your way up, you will be paid below the national average because you know nothing, learn your job, get promoted, earn more and so on.

    Good luck fj
    Originally posted by bigfreddiel
    Mm yes.

    Get rid of that iphone 7 you rent for £30 a month and in 18 years time you will have raised enough deposit to fund a 15% deposit on a one bed flat in my less than glamorous part of east London. Except by then that flat will probably require you to save up about 60 years of monthly iphone costs to fund the property. Good luck of course getting a job or functioning without a mobile phone - or indeed buying a house/doing viewings.

    My parents bought their 3 bed house in London for less than my net monthly pay on a 1.5 times my dad's average salary with a 20 per cent deposit.

    Today that same ratio would generate the equivalent of about £60,000 of buying power. A one bed flat in their area costs £350,000.

    No one says they had it easy but you didn't need a ten times salary mortgage just to buy a one bed flat - 1.5 times salary was sufficient to buy a 3 bed house.

    Gym memberships, mobile phone and amazon prime might cost you £100 a month max - and make no material difference to anyone's ability to buy a property.

    So lets get real!

    http://moneyfacts.co.uk/news/mortgages/average-house-prices-are-now-8x-the-average-wage/
    • ArmyDilllo
    • By ArmyDilllo 17th Oct 16, 10:38 AM
    • 76 Posts
    • 168 Thanks
    ArmyDilllo
    Well, you have already had the chance to plan for your retirement for the last 40 years of adulthood and have made good enough plans that you were able to retire already. So, you probably don't need a £1k handout.
    Originally posted by bowlhead99
    Thanks for reply.
    I take your point.
    I don't need a £1k handout.
    Anymore.
    But that's because I did plan.
    I have exploited the other government "handouts" as I learned about them.
    But I hope not to be using my pensions for a few years yet and then only for a short period or as a back-up plan if I got my sums wrong.


    But everyone under forty now is able to claim £10k from the govt. during the remaining time I have to wait before I can claim my state pension.
    More after as they will have another eighteen years to use a LISA.

    I am happy for the Govt. to withdraw the facility for everyone else after they too reach fifty six, if it's to be a fair system and not ageist.


    { 8-]
    Save 20k in 2016 #143: achieved £23,762.38 of £20,000 target
    Retired 17:30, Friday 30Sep16 (aged 56).
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