💷 ISAs have a range of tax benefits that could make them useful for retirement, experts say alys_key reports
But with gold-plated, the cost of living increasing, and myriad other demands on our wallets, many are realising that pensions just aren’t going to cut it – especially if they have big plans for post-work life.
There are a few things to bear in mind before going whole-hog on ISA saving, though. One is to make sure you are taking full advantage of any“Take your free money first!” as Trott says. That could mean things like upping contributions to your workplace pension to the maximum your employer will match, or even considering salary sacrifice as a way to lower your tax bill and save more into a pension.
“I was really bored on furlough, and I came across an advert for a Lifetime ISA. I wasn’t intending to use it for retirement at that time. I initially thought the first thing I’m going to be doing is buying a house. I never thought about buying a house until the pandemic. I thought it was something you had to do with a partner. But it all just kind of fell into place.”
“You can just hear it in the news, how the Government is always stripping things back, how they’re changing the retirement age. It’s really all about you’re in control of your future. If you are closer to retirement or already retired, a cash ISA may be better because you will need your money sooner, and don’t want it to be too exposed to the volatility of the stock market.. This government-backed scheme designed to help you save for a first home or for retirement. It can only be opened by those aged between 18 and 39, and they can use it to save up to £4,000 a year tax-free. For every pound saved, the government adds a 25 per cent bonus.
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