| A Lifetime Individual Savings Account, or LISA for short, is a super helpful tool for those of you who are first-time home buyers between the ages of 18 and 39, or for those who are looking to save for retirement. It's a tax-free savings account where you can stash away up to £4,000 each year. The best part? The government will give you a 25% bonus on the money you put in, up to £1,000 a year. That's free money! Just remember, you need to have saved into your LISA for at least a year before you can use the money to buy your first home. If you're ready to buy your first home (for £450,000 or less), and you've had the account for at least a year, you can take out your money without any charges. If you're saving for retirement, you can access your money once you hit the big 6-0. Just a heads up, if you need to withdraw your money for any other reason or before you turn 60, the government will apply a 25% withdrawal fee, but only on the amount you take out. |
Haven't found what you are looking for?
Employer portal or payroll queries? Visit employerhelp.cushon.co.uk