Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Unlock Free Money: Lifetime ISA Explained! First Home or Retirement

17 Apr 2025 · 0 min

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0:28

A short spoken explainer (YouTube) by Ndubuisi 'Andy' Egwim describing how a Lifetime ISA works: eligibility (open between ages 18–39), annual contribution limit (£4,000), a 25% government bonus (up to £1,000/year), permitted uses (buying a first home costing up to £450,000 or withdrawing from age 60 for retirement), and an example claiming up to £32,000 in bonuses if started at age 18 and held until age 50.

Questions this video answers

Between 18 and 39 inclusive.

Up to £4,000 per year.

25% government bonus.

Up to £1,000 per year.

£450,000.

And I'm sure you've heard about Lifetime Answer. But if you haven't, here's how it works. You can open one between 18 to 39. You can save up to £4,000 a year. The government gives you an additional 25% bonus. That's up to a thousand pounds free money each year. You can use it to buy your first home if it's under 450k. Or you can withdraw it at age 60 to help fund your retirement. That means if you start at 18 years of age, by the time you're 50, you can get up to £32,000 in bonuses. Sounds great, but let's not rush.