LISA for retirement

Gobigorgohome

I am just about to turn 40 next week. I’ve already got property and mortgage so LISA can only be opened for retirement. I already have a good pension with work. Is it worth opening LISA? 

Albermarle

There are some pros and cons between pension and LISA.
They are explained towards the end of this article.
Lifetime ISA (LISA): how they work & best buys (moneysavingexpert.com)

Gobigorgohome

Thank you. I just didn’t know if there is a benefit to open Lisa just with £1 for now even though I’m not planning to use it

masonic

Gobigorgohome said:

Thank you. I just didn’t know if there is a benefit to open Lisa just with £1 for now even though I’m not planning to use it

If you think you might use it between 40-50 then it is worth doing that.

badger09

Gobigorgohome said:

Thank you. I just didn’t know if there is a benefit to open Lisa just with £1 for now even though I’m not planning to use it

It’s a ‘use it or lose it’ opportunity so…..

Angelica123

Gobigorgohome said:

Thank you. I just didn’t know if there is a benefit to open Lisa just with £1 for now even though I’m not planning to use it

Do this. If you later decide it's not a useful product you will have lost nothing having £1 in there but if you don't open it, then there won't be an opportunity to open one in future. 

Bear in mind the £1 (ie first payment) has to be received by the provider before you turn £40 for LISA to be open so bear this in mind ( you can always switch product later) and act quickly.