One of the key benefits of a Lifetime ISA (LISA) is that you can access your savings, along with the government bonus, once you turn 60. When you reach the age of 60, you can withdraw the full balance of your Lifetime ISA without any penalties or restrictions. This includes:
The amount you have contributed over the years.
The 25% government bonus added to your savings.
Any interest or growth your savings have earned over time (if applicable).
There is no limit on how much you can withdraw at this point, and all withdrawals are tax-free.
Steps
Step 1: Open your Lifetime ISA account in the app
Step 2: Press the Withdrawal button
Step 3: Select Withdrawing for retirement or illness?
Step 4: Press Continue
Step 5: This will redirect you to our Customer Success team. Select the ticket type Lifetime ISA Withdrawals.
Step 6: Complete all the details and select as reason Retirement.
Step 7: Press Create ticket.
Step 8: Our team will check your account for any potential issues and will get back to you with further instructions.