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

Why You Can't Open a LISA After 40!

29 Sept 2024 · 1 min

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0:31

Ndubuisi Egwim explains why you can't open a Lifetime ISA after 40. Unlike pensions, which let you contribute retroactively for missed years, LISAs have a hard age cutoff at 39. If you're thinking about one, you need to open it before then.

Questions this video answers

18 to 39 (you cannot open a new LISA after age 40).

The speaker states you can pay "three years backwards" and also makes an offhand reference to "eight years" of missed payments you can make for pensions.

Chapters

Number 5 Reason to think carefully about the lifestyle. No new license after the age of 40. So lastly, lifestyle ISA is only available for people aged between 18 to 39. After 40 years of age, you can't open a new Lisa. If you didn't know about it earlier, or you weren't financially ready to take advantage of it, you've missed the boat. Unlike pensions, like we say, lifetime ISA does not start at 40. But in pensions you can even pay for eight years that you missed. You can pay even far back, three years backwards.