Ndubuisi 'Andy' Egwim explains Lifetime ISAs, which let you save for a first home or retirement with a 25% government bonus on contributions. A hospital consultant missed five years of saving and lost about £5,000 by opening an ISA too late. You must open one before turning 40.
18–39
25% of contributions
£5,000
I can't tell you the number of times people called me and said, it's my 40th birthday in a few days. I've been hearing about lifetime. I said, what do I do? What do I do? And it's usually when the taxi is around the corner. Don't be that person. In fact, I know I remember a consultant, hospital consultant who bought her house and just turned 40 and she saved money for like five years because she obviously was thinking I might move when I finished my training. She saved five whole years and she missed out on £5,000. I don't know for you guys, but £5,000 is still a lot of money for me. So obviously she wasn't very happy and there's no need crying over spilled meal. It just happened that she booked in her one on one and we started talking. She joined the community and I asked her, she said oh, before I joined the moneywise doctor community, I've just recently bought a house and I asked oh, what happened? So that's just the cost of not knowing. So this is basically lifetime eyesight, one of the products if you are between 18 to 39. I know some people in the money wise doctor community whose children are 18, 19 and they already have a lifetime ISA. So whatever money you put into that account, the government will give you 25% on it.
