LISA / Savings Grandchildren query
eric4395
Forumite 78 Posts
Wife and i in the fortunate position of being retired in our late 60's and having quite a fair bit of savings most in fixed rate, isas and shares, i also have a works pension in income drawdown of approx £500, 000 which i havent touched or even took my 25% tax free( Was almost £600000 18 months ago :')( .(Still not sure best way to use that ) Mortgage paid years ago we are not huge spenders and happy to go a few holidays a year. We have gave both our son and daughter lump sums recently to help them. Our grandchildren are 20, 16, and 6 years old. Looking to help them now. Thinking of starting a Lisa for the 20 year old and putting in the maximum £4000 every year for the next few years to help him get a deposit at least for a house . Will do the same for the 16 year old when he is 18. Regarding the 6 year old maybe a lump sum £15000 to £20,000 but where would anyone suggest for that and my best options. Maybe anything else i havent thought about. Thanks for any help and suggestions in advance.
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https://monevator.com/tax-efficient-saving-for-children-and-grandchildren-with-jisas-and-sipps/
https://monevator.com/how-to-future-proof-your-kids-financial-future/
LISA for the eligible sounds like a good plan for help onto the housing market.
Pension contributions at this stage will benefit from decades of compound growth and be a nice legacy.
Sounds like you may be in the fortunate position to do both, well done and good luck.