Yes! Funds held in a Lifetime ISA can be used for the purchase of your first home and/or retirement after age 60.
When you withdraw your LISA for a qualifying first home purchase, we’ll freeze contributions to the account to prevent any delays with your withdrawal. However, once your withdrawal is complete, you’re more than welcome to carry on paying into your LISA to use for retirement after age 60. If you’d like to unfreeze your contributions, please head to Wealth > Account name > Tap to resolve.. Please note you’ll need to be on the latest app version to see this option. You can then head to the Home tab and tap ‘edit’ to enter an amount you’d like to be collected in the next weekly collection on Wednesday, or set up any recurring deposits in the Settings tab. 👍
You can deposit up to £4,000 per tax year into the account until you turn 50, and anything you deposit will continue to earn the 25% government bonus. Once you reach retirement age (60 and over), you can withdraw your LISA funds without the government withdrawal charge.
It’s also worth noting that, if you hold a Cash Lifetime ISA, we now offer the ability to switch this to a Stocks & Shares Lifetime ISA, if you'd like. For more information on this, please see our ‘Can I change my Lifetime ISA (LISA) type’ FAQ.