“These figures demonstrate how, despite short term ups and downs in the market, when you’re investing for the long term, you have the chance to ride those out and tap into the long-term growth potential of the markets.
“By taking advantage of the tax breaks available in a Lifetime ISA or pension, the cash can do even more, because it gets a government top-up before you invest.
“If you’re aged 18-39, saving for a first property (and have at least a year before you buy) or for retirement, you can pay it into a LISA.
“Assuming you pay in £50 a week – or £217 a month – with the Government top up of 25 percent it would mean £271.25 would go into your account.
“Likewise with a pension, you’ll get tax relief at your highest marginal rate. If you pay it into a workplace pension, you might also get a matching contribution from your employer – supercharging the value of your pot.”
Published at Tue, 22 Jun 2021 20:10:16 +0000