You can pay up to £4,000 per tax year into your Lifetime ISA up until age 50, and you'll continue to receive the 25% bonus on your contributions. After you turn 50, your savings will continue to accrue interest (Cash LISA), or receive interest gains or losses (Stocks & Shares Lifetime ISA) in the 10 years in between. You can then withdraw the full value of your LISA penalty-free when you reach age 60 (or any time after).
Whether you should consider a Lifetime ISA for retirement as either an alternative, or complementary savings option, is a complicated question and depends on several factors. If you’re considering a Lifetime ISA for retirement, we recommend you speak to an independent financial adviser first.