Lifetime ISA for retirement

[JapanRed]

I'm considering a LISA for me and the wife. We are 31 and 32 years old. At face value, 25% return yearly seems great value for something that has little risk. However it's actually a 25% return for 28 years investment.

£4000 per year investment each would be a comfortable amount for us. We wouldn't want high risk (low-medium would be better).

Would we expect better returns in a SIPP? Would investing in low/medium risk over 28 years likely give a better return?

[JapanRed]

Thanks everyone.

JulianPH; very informative thank you. So which is best? SIPP or LISA (or other), considering the following?

I'm 32, wife is 31. I earn a £55k salary. She earns a £42k salary. I have a Ltd company that made £100k profit last year (currently has £100k sitting in it). Dividends taken between me and the wife vary yearly but we try to limit taking money out unless for a big purchase (such as wedding and new car this year). Unlikely to take much in dividends in next 1-2 years.

My financial advisor says to go SIPP....

[JapanRed]

Thanks again JulianPH, once again very helpful. Any recommendations for good/low-cost SIPPs? I've heard a lot on here about Hargreaves Lansdown...

I assume most places/people charge a percentage on what's invested? What would be a good rate to pay on a SIPP?

There are loads of different financial advisors and companies out there. How do I choose a good one?