Missed out on the LISA - what now?

salfordmate

I mistakenly thought the Lifetime ISA was only for saving for buying a new house rather than for retirement saving also. I turned 40 in June, I've beaten myself up about it that I missed it, and I'm now wondering if there are any other options out there that I should look at instead to put a small amount away each month for retirement, any pointers in the right direction are helpful, thanks!

MattMattMattUK

salfordmate said:

I mistakenly thought the Lifetime ISA was only for saving for buying a new house rather than for retirement saving also. I turned 40 in June, I've beaten myself up about it that I missed it, and I'm now wondering if there are any other options out there that I should look at instead to put a small amount away each month for retirement, any pointers in the right direction are helpful, thanks!

Saving into a pension is the most tax efficient way of saving possible as long as you are paying income tax. 

pjcox2005

MattMattMattUK said:

salfordmate said:

I mistakenly thought the Lifetime ISA was only for saving for buying a new house rather than for retirement saving also. I turned 40 in June, I've beaten myself up about it that I missed it, and I'm now wondering if there are any other options out there that I should look at instead to put a small amount away each month for retirement, any pointers in the right direction are helpful, thanks!

Saving into a pension is the most tax efficient way of saving possible as long as you are paying income tax. 

Just to make the point above clear, a pension for most people will be more valuable than a LISA even more so if your employer will contribute/match payments as well. 

LISA ideal for house purchase and as bonus incentive to put savings away (e.g. long term savings but you may want to pull them back out of a LISA in an emergency) but focus on getting your pension right rather than worrying about missing a LISA.