LIFETIME ISA UK | PROS vs CONS Explained | COMPLETE GUIDE 2022

LIFETIME ISA UK: PROS vs CONS Explained. 2022 Complete Guide To Open a Lifetime ISA. We answer ALL your questions and give you the Pros & Cons of the LISA for First Time Buyer and also if you're using it for Retirement Planning. Jump in the comments and let us know your Lifetime ISA questions 😀

★★ SUBSCRIBE TO CHANNEL HERE ★★

★★ WHAT TO WATCH NEXT ★★



★★ LINKS MENTIONED IN THIS VIDEO ★★

★★ EQUIPMENT USED ★★

★★ ABOUT US ★★

MARY:

I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)

Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.

When I'm not creating, I love vegan food, travelling, working out and doing some outdoor fun things with my husband and kids :)

KEN:

I'm a husband, dad, and a First-Generation Immigrant to the UK. I started life poor in the UK and I've spent the last 20 years on a steep journey of Personal Development.

Former CFO with over 12 years experience in the investment business. I'm also a Chartered Accountant and hold an MBA from Cambridge University.

To explore my creativity, I'm a blogger and YouTuber by night. I create from my experiences as a family man and entrepreneur.

I have a passion for all things Financial Education, Business and Personal Development. I also love Photography, Music, Travel, and Sport.

We became Financially Independent aged 34 and our story has been featured on the BBC, Mail Online, Channel 5, Metro, etc.

We share content to inspire and teach others how to achieve Financial Independence and Freedom too :)

★★ WANNA CONNECT? ★★

★★ OUR ONLINE SCHOOL ★★

Visit our online school at Financial Joy Academy for Video Courses:

★★ TIME STAMPS ★★

0:00 - Intro
1:24 - What is a LifeTime ISA and What Benefits Do You Get?
3:18 - Why Apply For a LifeTime ISA?
3:40 - From What Age Can You Apply?
4:55 - What are the Types of LifeTime ISAs?
5:44 - What is the Penalty For Taking Money Out of the Lifetime ISA?
8:10 - Does The LifeTime ISA Form a Part of Your £20,000 Annual ISA Allowance?
8:40 - Can Only UK Citizens Apply?
9:20 - What Providers Offer Lifetime ISAs?
9:56 - I’m Currently Living Overseas. Can I open a Lifetime ISA?
10:23 - If You Opened a Lifetime ISA and Moved Abroad, What Happens To Your Money?
11:42 - Can You Have a LifeTime ISA and other ISAs at the same time?
12:10 - Can you hold a LifeTime ISA and a Help-To-Buy ISA at the same time?
12:28 - Are my Savings Protected In A LifeTime ISA?
13:25 - When Can You Take Money Out of a Lifetime ISA without a 25% penalty?
13:51 - PROS For Lifetime ISAs For FIRST TIME BUYERS
16:07 - CONS For Lifetime ISAs For FIRST TIME BUYERS
16:43 - PROS For Lifetime ISAs For RETIREMENT SAVINGS
18:45 - CONS For Lifetime ISAs For RETIREMENT SAVINGS
19:18 - When a Pension is Better than a Lifetime ISA
21:37 - Question for reflection (Please Comment)

★★ About this video ★★

The COMPLETE GUIDE to VANGUARD FUNDS Investing For Beginners UK

Massive thanks for watching and following our channel :) ♥

Best, Mary and Ken Okoroafor

NOTE: For FULL Transparency, some links above may be Affiliate Links. We do NOT offer Financial Advice.

#investing #lifetimeISA #LISA

[TheHumblePenny]

Are you thinking of opening a Lifetime ISA as a First Time Buyer? or Saving for Retirement? What questions do you have for us? Comment below :)

[pathwayuk]

I was born on the 5th of April 🥰 thank you for this informative video.

[selimaco]

I used a Lifetime ISA to buy my first property earlier this year and currently using it for retirement. As a PhD researcher I currently don't have a pension pot so the Lifetime ISA is currently acting as my pension pot till I get a job.

[BouQuiBQ]

Great video. Nottingham building society is a good Lisa provider too.

[HG-bipu]

My plan is to have a stocks and shares LISA to use towards retirement as an addition to maxing out my pension contributions with my employer and then contributing what I can manage towards a normal stocks and shares ISA.

Having a 6months-1year emergency fund will hopefully be a cushion to avoid needing to dip into it before 60.


Thank you for another helpful video Ken and Mary ☺️

[heyheyhey]

one crucial thing you have missed, is if you pay into LISA, its tax free the other end
but pension is taxable, so you might be saving one end but paying for it later down the line
appreciate your thoughts
keep up the good work!

[planetblix]

Very useful and timely. Thank you Ken and Mary. I’m planning to open a LISA and drip feed as a secondary insurance scheme on top of work pension and SIPP. The point made about not being taxed when withdrawing the funds after 60 appeals to me.

[samirahall]

Hmmm I may be considering going for the LISA as I had been thinking about it but this video has given me the boost/courage that I need.

[jebbysphiri]

Learned a lot thanks very much. Added to my weekly playlist watching on 1.25x and checking my savings checklist on isa plans.

[MateyBoy]

great video thank you. We went with a LISA for first time buying as we wanted to save the deposit over a year and a half, the LISA lets you put away more each month over the £250 limit on other help to buy schemes. it's amazing with two people how fast this accumulates with the bonus, well worth doing.

[Raetalkss]

This video is so timely!!!! I have been looking at LISAs, thanks so much

[brownze]

Wow the closing remarks did it for me. Thanks 🙏

[AL-tmve]

I love the videos you guys make, thank you. They are just so clear and direct and I don't get bored like with some others lol

[TheWellnessAbbey]

This is a great video and the points about what to do if/when we are higher rate tax payers is golden. Thank you.

[JGRaviKumar]

Thanks mate @TheHumblePenny, you both have covered most of the open questions in my mind.

[michelpohl]

Thank you a lot for your explanations! I have two questions 1) you mention that we need a UK bank account to withdraw LISA funds but I think that non residents/foreigners are usually requested to close their UK bank accounts after they leave the UK. Is that correct and if yes, is there a turnaround for that? 2) Do you know whether it is possible to use LISA funds to buy a property abroad or does it need to be a property in the UK? Thank you again!

[FreeyourFinance]

A very detailed breakdown guys. Fantastic presentation from you both as always. Gary.

[jeevanmalla]

What is the timeframe to deposit a money or Can I deposit the money at anytime in a year?

[connorsmith]

I have had a help to buy ISA for a few years but I already told my girlfriend to open a LISA towards our first house which she was buzzing with the 25% bonus she receives every month 😃 I’m unsure if I will open a LISA, I’m committed to my stocks and shares ISA just now

[chidiebereoluabara]

I found this video very insightful and timely. May I please ask if it's possible to get the 25% bonus from the government with a stocks and shares LISA or is it only restricted to a cash one? Also, glad you touched on the possibility of being able to use your LISA if a first time buyer in a couple where the other partner is a house owner. I didn't think that was possible, as I thought same rules for stamp duty applied so thanks for clearing that up.