18-39 UK residents can open a LISA for home or retirement savings, receiving a 25% government bonus; consumer expert Martin Lewis calls for limitations review.

18-39 year-olds in the UK can open a Lifetime Individual Savings Account (LISA) to save up to £4,000 annually for their first home or retirement. The government provides a 25% bonus annually (up to £1,000), but withdrawals for non-eligible purposes face a 25% penalty. LISAs have a £450,000 property limit and consumer expert Martin Lewis has called for a review of these limitations.

August 18, 2024
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