00:00This is an important warning for anybody aged 18 to 39.
00:03If you do not have a lifetime ISA, get a pound in one now.
00:09That's because the LISA is a strange savings account that gives you a 25% boost.
00:15You can put up to £4,000 a year in it and the state will add a grand,
00:19either to use towards your first property, as long as it costs under £450,000,
00:23or to use towards retirement savings once you're age 60.
00:28But the government is consulting on replacing it with a new first-time buyer's ISA.
00:34When they do, they'll close the ISA down to new applicants.
00:38However, if you've already got one open, even with just a quid, you can continue to use it.
00:43And that's important because what they're suggesting is for first-time buyers,
00:47you'll be able to get the bonus on a LISA and the new first-time buyer ISA.
00:52And for retirement savings, there won't be any equivalent.
00:55Now, the LISA for retirement savings isn't normally as good as a workplace pension,
01:00but there are certain circumstances where it can be good.
01:03For example, you can no longer contribute to your workplace pension,
01:06or you're a self-employed basic rate taxpayer,
01:09and we don't know what you'll be in 10 years' time.
01:11But putting a pound in now means you'll have the facility to use it in 10 years' time
01:16if you need it.
01:18I'll be going...
01:18I'll be going...
01:19I'll be going...
01:19I'll be going...
01:20I'll be going...
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