You can withdraw from your Lifetime ISA penalty-free any time after you turn 60.

You can only pay into your Lifetime ISA until age 50. Thereafter, your savings will continue to receive investment gains or losses if you have a Stocks & Shares LISA, or interest if you have a Cash LISA.

Whether you should consider a Lifetime ISA as either an alternative or complementary savings option for retirement is a complicated question and depends on several factors. If you’re considering a Lifetime ISA for this purpose, we recommend you speak to an independent financial adviser first.