Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ARandomMiser
    • By ARandomMiser 17th Sep 16, 11:04 AM
    • 1,384Posts
    • 2,777Thanks
    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
    • 4,233 Posts
    • 1,951 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
    • 2,491 Posts
    • 974 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
    • 854 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
    • 137 Posts
    • 211 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 : Realised £24,360.08 of my £20,000 target
    Average invested growth since 2000; +18.25% per year

    Retired 17:30 hrs, Friday 30th September 2016 (aged 56)
    • hugorune
    • By hugorune 23rd Mar 17, 10:21 PM
    • 16 Posts
    • 2 Thanks
    hugorune
    This all feels very discriminatory to me, and all at a time when QE threatens the pound in our pocket and low interest rates and inflation undermine what little savings we have put by to live on in retirement. Not to mention the B word and potential outcome there! Chances are our state pension will not exist or will have moved even further out of reach for most of us 40-something's in the future, I'm not banking on anything from the state by the time I get to 67 but if I do get a few quid back for everything I paid in it would be nice! (Wish I could've put it in an ISA instead!!!) It would've been nice to have been included in the small gesture the government are making to Millenials and the like, all feels very unfair to me - although maybe they are going to offer something for us old timers that they have yet to reveal (NHMB)
    • masonic
    • By masonic 24th Mar 17, 6:46 AM
    • 9,099 Posts
    • 6,232 Thanks
    masonic
    although maybe they are going to offer something for us old timers that they have yet to reveal (NHMB)
    Originally posted by hugorune
    Old timers have already had their Guaranteed Growth Bonds. It's the middle aged who have missed out on a handout thus far.

    I have speculated elsewhere that the LISA and pension autoenrolment might mark the point at which the state pension may be means tested (i.e. when those who benefit from having more retirement provisions through these schemes would reach state pension age). If that's the case, then your bonus is that you would get more state pension than most of the next generation.
    Last edited by masonic; 24-03-2017 at 6:52 AM.
    • jimjames
    • By jimjames 24th Mar 17, 7:33 AM
    • 11,693 Posts
    • 9,976 Thanks
    jimjames
    (Wish I could've put it in an ISA instead!!!) It would've been nice to have been included in the small gesture the government are making to Millenials and the like, all feels very unfair to me - although maybe they are going to offer something for us old timers that they have yet to reveal (NHMB)
    Originally posted by hugorune
    You can put it in an ISA, the limit from April this year is £20k. S&S ISAs are the way to grow your money long term
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Imvrasos
    • By Imvrasos 24th Mar 17, 11:36 AM
    • 7 Posts
    • 1 Thanks
    Imvrasos
    Just posting this to thank all these ~50 year old landlords complaining on this topic, for the amusing morning read.

    Sent by: second hand Xiaomi phone user.
    • Alexander Medwell
    • By Alexander Medwell 24th Mar 17, 3:49 PM
    • 1 Posts
    • 0 Thanks
    Alexander Medwell
    Petition to lower the starting age
    My wife and I have both missed out on Lifetime ISAs, but the age discrimination is at the lower end too. I can't put money in a LISA for me, but I'd like to put money in a LISA for my kids instead. They need to start saving for a house sooner and not have the only choice of living as mature adults in our tiny bungalow while they save; or lining the pockets of some already rich landlord while they spend most of their adult lives saving the pennies leftover after the rent.


    The starting age for LISAs is 18 and the starting age for Help to Buy ISAs is 16. My son is 15 and my daughter is 13, but I wish to gift money into an ISA regularly to save for their house deposits starting now. So I have raised a government petition to lower the age for Help to Buy ISAs. I understand from Martin's excellent website that Help to Buy ISAs can be transferred into LISAs at 18.


    If you're unhappy with the age discrimination or you know someone who wants to gift into an ISA for their children or grandchildren, please do sign this petition. I raised it this week and we need 10,000 names to get a reply from government and 100,000 signatures to get it debated in parliament.

    I've only just joined the forum today so I'm not allowed to post a link yet.
    Please google the 'government petitions' site, then search for 'Help to Buy ISA'.



    Please could someone reply soon with the link pasted in?

    Thank you very much.
    • leitmotif
    • By leitmotif 25th Mar 17, 7:28 PM
    • 233 Posts
    • 140 Thanks
    leitmotif
    Why not a petition on the upper age limit for the LISA? I'm 40 and have been priced out since first considering buying a house 13 years ago (OK, back then I could have got a 110% mortgage interest only without proof of income, but that would have been stupid... any rational person would have thought). There was a year fairly recently in which I saved £18K, but the average house price went up 11%, more than what I saved. The latest annual price rise was around 8%, so again I've worked my backside off to find myself backpedalling. I’m at the point now where I have a very substantial deposit which is the product of 13 years' hard work, but no way am I giving that to some punk who thinks they deserve triple what they paid for their house 15 years ago simply for having sat in it. So if Brexit doesn't bring about a proper correction and if the 40-50 lot are going to be screwed over and get none of the benefits of the baby boomers and Generation Y and the millennials. There are other countries, and I'm quite happy moving.

    And btw, I often see this tripe being peddled by older people about them having made sacrifices. It's a question of degree. You got to pay three and a half times salary for a house. People nowadays have to pay eight times average salary for the average house. And we have to save that whilst paying rents that swallow up a very sizeable percentage of income, because nobody can afford to buy so there's huge demand for rent. So don't lecture us or we'll have to start pointing out how easy the older generation have had it, retiring at 53 on final salary pensions having bought a house at three and a half times their salary and had free university education. You baby boomers don't know the meaning of sacrifice.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,267Posts Today

4,423Users online

Martin's Twitter
  • RT @itvMLshow: We are filming tomorrow in Torremolinos! If you're in the area, head to Branigans on Av. Palma de Mallorca between 5pm-6.45p?

  • RT @mmhpi: ??The money and mental health manifesto - 10 steps to boost #mentalhealth & financial #wellbeing for Britain #GE2017 https://t.c?

  • In Spain in a restaurant ready for filming in Torremolinos tomorrow (do come and see us if you're there) watching #mcfcmufc #CTID

  • Follow Martin