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Photo of client Joanna

Joanna's story

Joanna is a sole trader who recently opened an HL Lifetime ISA (LISA) to help her save for retirement.

Please note: This case study is not personal advice. If you’re not sure what’s best for your situation, ask for financial advice.

"I was employed for nearly 10 years working in the Civil Service. When covid hit, I decided to take the plunge and become self-employed to pursue my passion for fitness. I now work for myself as a personal trainer.

The benefits of being my own boss are amazing. But I realised how important it was going to be to take control of my retirement savings, especially now I don’t have a workplace pension from an employer. That’s why I chose to open an HL LISA.

I did consider opening an HL Self-Invested Person Pension (SIPP) but having only recently gone self-employed, and not knowing quite what the future holds, I was worried about locking my money away in a pension for so long. With the HL LISA, I can access my money at any age if I absolutely need to. I do realise there’d be a government penalty charge, but that flexibility puts my mind at ease.

The HL LISA offers great tax perks. I get a 25% government bonus on my payments (up to £4,000 each tax year). And when I come to retire my withdrawals are completely tax free.

I love that I’m able to make payments as and when I can afford to, and I’m not tied into paying in the same amount each time.

As I’m just starting out as a sole trader, my income tends to fluctuate, but I still try to hold a little back each month and plan on making a lump sum payment after my self-assessment, when I’m confident I know what I can afford to pay in. In the future once I’m more established, I plan on switching to monthly payments.

When it comes to investing, I’m new to it. I was a little nervous about making my choices, but the research and insights that HL offer are so useful and helped me choose my investments with confidence. The app is also great – it makes managing and reviewing my investments really easy, and at a time and place that suits me. I’d give the HL LISA a 10/10, highly recommend!"