YouTube video by Ndubuisi 'Andy' Egwim explaining the Lifetime ISA (LISA). The speaker gives a brief history (introduced in 2017), clarifies eligibility (can open between ages 18 and 39), contribution and withdrawal rules (can contribute until age 50; withdrawals are normally allowed from age 60 except for terminal illness), and highlights common mistakes such as opening a LISA then stopping contributions after buying a first home.
Questions this video answers
2017.
Between 18 and 39 (you cannot open it before 18 or after 40).
Until age 50.
From age 60 (withdrawals before 60 are restricted except for terminal illness).
Chapters
The third ISA is the most misunderstood lifestyle and is the lifetime isa. Someone said it's the female ISA because it's called Lisa. I like, I don't know. So Lifetime ISA basically is. It came in 2017 because when I was getting trying to buy my first house when I started working in the nhs, I wanted the lifetime I said wasn't available then. Now, something key here to note is that obviously you can't open it before you're 18, I can't open it after you're 40, so 18 to 39. So if you are 40 or you're about to turn 40, open a lifetime ISA. I don't need to tell you whether it's financial advice or not. Open your lifetime isa. If you have, if you don't, you don't have to have 4,000 to put a pound, put one pound. Because if you open the Lifetime ISA and you've not crossed 40, you can continue using it. Now, the common mistakes people make with the lifetime isa, one, you can use it to buy your first house, but you can continue using it. Many people buy their pesos their lifetime Isaac, then they stop putting any money into it. You're losing out. Can you tell me in the chat what age can you continue putting money into your lifetime as a 50? Thank you, Dr. Mayor. You're very fast. Yeah, I'm very impressed. Lovely. F. Excellent. We are ready for more deeper stuff now. So lifetime, you can contribute money till 50, but remember you can't withdraw it here, 60, except your terminally ill, which you don't hope for. The implication of that is that your money is going to be in limbo between 50 and 60, a 10 year period.
