Lifetime ISA: Is it right for you?

Adults under 40 can save up to £4,000 annually while receiving a 25% government bonus each year using a lifetime ISA from April 2017.

Money put into the account can be saved until the age of 60 and can be used as retirement income or withdrawn to purchase your first property.

Elsewhere, annual ISA allowance limits remain frozen for another year in 2016/17. From April 2017 the total amount you can save tax-free in an ISA will increase from £15,240 to £20,000. Contributions to a lifetime ISA will sit within the overall annual ISA allowance limit.

Points to consider

Savings from a new lifetime ISA can be used as retirement income or to buy your first home. There are some things to be considered before setting up an account:

Contact us today to discuss your saving options.

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