#LifetimeISA #Savings #FinancialGoals
🤔 Have you ever wondered if there is a maximum amount you can save into a Lifetime ISA in total? Let's break it down!
💰 While there is an annual limit of £4,000, you can continue to save into your LISA for as long as you want until you reach the age of 50.
🏡 If you saved £4,000 every year for 10 years, that would give you a total of £40,000 in contributions.
💸 The bonus is added annually, so as long as you're eligible and saving into your LISA, you will continue to receive the bonus until you are ready to buy your first home or reach the age of 60.
🔍 It's important to note that there is no overall maximum amount you can save into a Lifetime ISA.
💡 So, keep saving, keep earning that bonus, and work towards your goal of home ownership! Let me know if you found this information helpful or if you have any other questions! 💪🏠❓
There is no maximum amount you can have in a LISA; however there is a limit on the maximum value of the property that you can use a LISA to buy (currently £450k – although that may change in future).
There is an age limit (50) after which you cannot contribute any more to a LISA. So the maximum amount a person can contribute is £128,000 if they open it at 18 and add £4,000 every year.