If you’ve ever struggled to find motivation, you’ll know how draining it can feel to push through and finish your work.

Getting out of a rut can be difficult, but is far from impossible. Finding a way to boost your creativity and approach your work with fresh eyes can help you leap back into your projects with renewed energy.

Indeed, recent research from Stanford University has found that changing your location could help you escape a creative rut.

Read on to discover why it’s important to find your motivation again and simple tips on how you can boost your creativity.

What is a “creative rut”?

We’ve all fallen victim to a creative rut at some point or another. Suddenly, a project that you used to be excited about stops being so fun, you lose inspiration, and working on something you used to love feels like a chore.

This can look like:

• Long-term procrastination
• A feeling of monotony
• Struggling for inspiration or motivation
• A lack of new ideas.

Creative ruts can often go hand in hand with burnout, which occurs when you spend a prolonged amount of time working too hard without taking breaks.

Why is it important to break out of a creative rut?

Creativity offers lots of benefits to your mental health and productivity across all areas of your life.

For example, creativity can:

• Increase workplace success
• Help you maintain loving relationships
• Improve healthy psychological functioning.

It’s also important to remember that everything you create, no matter how big or small, has the potential to improve people’s lives, whether that’s by bringing a smile to their faces or inspiring others to create their own art.

Changing your location could help you escape a creative rut

During their research, the Stanford scientists aimed to discover whether a change of location and a walk could improve their participants’ creativity.

Across their studies, they found that the participants who walked – no matter the distance or location – had an average increase in creative output of around 60%.

Furthermore, walking exhibited a residual effect on creativity. Not only did the participants’ creative output increase during a walk but their subsequent seated creativity after a walk was much higher than the group who remained seated the whole time.

To see how the location change affected the participants’ creativity, they also had them sit and walk in various locations. 

They found that all the participants – including the ones who didn’t walk at all – had a slight increase in productivity when moved from one location to another between tests.

5 practical ways to leave a creative rut behind

With this research in mind, there are a few tricks you can try if you need to escape a creative rut.

1. Go on walks

Adding a walk to your daily routine can help you boost your creativity and hopefully spark some much-needed inspiration.

One interesting thing the study concluded is that walking indoors on a treadmill was as effective as when the participants walked outdoors on a bustling university campus.

So, whether you take a stroll through your local park, walk to work, or invest in a treadmill, getting your body moving can help you regain your motivation.

2. Switch up your location

If you’re used to working in one location, you might be able to spark inspiration by moving your project somewhere else.

For example, if you usually work at your desk, then try taking your laptop to the kitchen table or meeting room, or even further afield, such as your local café.

3. Try something new

Trying something new can help you find a new perspective if you’re stuck on a specific aspect of your project.

For example, if you’re suffering from writer’s block, then why not try taking your current project in a completely unexpected direction?

Moving onto another aspect of your creative project and returning to the part you struggled with when you have more motivation and experience can help you power through the tough parts of your creative journey.

4. Look for inspiration

If inspiration isn’t coming naturally to you, sometimes you must hunt it down.

Speak to the people who motivate you, whether this be supportive friends and family members or a mentor who can help you with your creative project.

Enjoying other people’s art can also spark inspiration. Wander around a gallery, read a fantastic book, or watch a new movie to refresh your love for your project and generate some ideas.

5. Take a break

Working and thinking about a creative project non-stop can lead to burnout.

Instead of trying to force the motivation to come back to you by trying these other tips, sometimes you just need a break. 

Spend a few days or even a few weeks if you can indulging in your other hobbies or completing other work projects. When inspiration inevitably hits you again, you can jump back into your project with renewed energy and enthusiasm.

If you’re working and contributing to your pension, you might think you don’t need to do any more retirement planning just yet. However, seeking retirement advice in your 30s and 40s could mean you’re in a better position when you’re ready to give up work.

According to a survey published in IFA Magazine, putting off retirement planning is something many workers are guilty of.

Indeed, it found that just 5% of Brits aged between 35 and 44 had taken financial advice to help them prepare for retirement. Even among older generations, many haven’t sought professional support – only 10% of 45- to 54-year-olds and 21% of those aged over 55 had sought retirement advice. 

Here are five smart reasons why you shouldn’t put off planning for retirement, even if the milestone is decades away. 

1. A goal could keep you on track

If you’re not sure how much you need to save for the retirement you want, it can be difficult to understand if you’re on track. Setting a goal could motivate you to contribute regularly or even increase how much you’re adding to your pension. 

The final goal for your pension can seem like an impossible challenge. Remember, it’s not just your contributions that will support your long-term goals, but often employer contributions, tax relief, and investment growth too. So, understanding how your pension will grow could make your target seem more manageable. 

2. Identifying a gap sooner could mean you have more options

When you review your pension alongside your retirement aspirations, you might find there’s a potential shortfall.

The good news is that by identifying the gap in your 30s or 40s, you could have more options. For example, you might adjust your retirement date or planned retirement lifestyle.

Alternatively, with decades until you’re ready to give up work, you could increase your pension contributions to bridge the gap. As your pension is usually invested, increasing contributions sooner could mean a relatively small increase to your regular contributions has a much larger effect on the value of your pension at retirement than you expect. 

3. Discover if you’re making the most out of your pension savings

Reviewing your pension now could help you discover ways to get more out of your savings. 

To encourage workers to save for the future, you often receive tax relief on your contributions – so, some of the money you’ve paid in Income Tax is added to your pension. In 2024/25, your total tax-relievable contributions, including those of your employer plus tax relief, can equal up to 100% of your annual earnings or a maximum of £60,000; this is known as the “Annual Allowance”.

Your pension provider will typically claim tax relief at the basic rate on your behalf. However, if you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim your full entitlement. You can only claim back tax relief from the last four tax years. As a result, putting off reviewing your pension until you retire could mean you miss out on tax relief. 

You should note that if you’re a high earner or have already taken a flexible income from your pension, your Annual Allowance may be lower. Please contact us if you’d like to discuss how much you could add to your pension tax-efficiently. 

There could be other ways to boost your pension that you may have overlooked too. For instance, your employer may increase their contributions in line with yours. 

4. Review how you invest your pension

Normally, your pension will be invested. This provides your retirement savings with an opportunity to grow. 

As you’ll often be investing for decades through a pension, the performance of your investments could have a huge effect on the income you can create later in life. Taking financial advice in your 30s and 40s could offer a valuable chance to check your pension is invested in a way that aligns with your risk profile and goals.

While investment returns cannot be guaranteed, we could also work with you to help you understand how investment returns might provide long-term financial security.

5. You could discover you’re able to retire sooner than expected 

If you could retire five years sooner and still be financially secure, would you?

One of the challenges of retirement planning is calculating how much you need to save to be financially secure for the rest of your life. You might worry about running out of money in your later years or not having enough to cover unexpected costs. 

An early pension review could highlight that you’re in a better financial position than you expect and give you the confidence to retire sooner.

Contact us if you’d like to talk about your retirement plans

Whether retirement is just around the corner or decades away, we could help you plan for retirement. With a tailored plan, you could find you’re in a better financial position and have more freedom when you’re ready to give up work. Please contact us to arrange a meeting.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. 

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.  

Levels and bases of, and reliefs from, taxation are subject to change and their value will depend upon personal circumstances. Taxation and pension legislation may change in the future.

The value of pensions and any income from them can fall as well as rise. You may not get back the full amount invested.

As a self-employed worker, managing your finances can be more complex. One area you might have overlooked or be unsure where to start with is saving for your retirement. 

According to the House of Commons Library, there are 4.24 million self-employed workers in the UK as of July 2024, and research indicates many don’t understand pensions.

Indeed, an interactive investor survey asked self-employed workers three basic pension questions and found that just 9% could answer all three correctly. 

You’re responsible for managing your wealth to secure your future financial security and freedom. So, even if retirement is decades away, spending some time understanding your options and which is right for you could be valuable.

You might have money set aside, such as savings or investments, that you’ve earmarked for retirement. While these options could offer more flexibility, you may be missing out on thousands of pounds that could boost your retirement income by not contributing to a pension. 

So, read on to discover the pension basics you need to know. 

Pension contributions benefit from tax relief

One of the key reasons why pensions are a tax-efficient way to save for retirement is that your contributions benefit from tax relief. 

To encourage people to save for their future, some of the money you’d have paid in Income Tax will be added to your pension instead. As a result, it provides a boost to your retirement savings.

The amount you receive through pension tax relief depends on the rate of Income Tax you pay.

So, if you’re a basic-rate taxpayer and want to boost your pension by £1,000, you’d only need to add £800 as you’d receive a further £200 in tax relief. For higher- and additional-rate taxpayers the amount would fall to £600 and £550 respectively. 

Usually, your pension provider will automatically claim tax relief at the basic rate for you. If you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim your full entitlement. 

You should note that the Annual Allowance limits how much you can contribute to your pension while retaining tax relief. For most people in 2024/25, the Annual Allowance is £60,000 or up to 100% of annual earnings. However, your allowance may be lower if you’re a high earner or have previously taken a flexible income from your pension.

If you’d like to understand how much you can tax-efficiently contribute to your pension, please contact us.

Pension contributions are invested tax-efficiently 

It’s not just tax relief that makes pensions tax-efficient either – they also provide a tax-efficient way to invest. 

To provide your retirement savings with an opportunity to grow over the long term, they will typically be invested. Investments held in a pension are not liable for Capital Gains Tax. So, if you want to invest for a long-term goal, a pension could make sense. 

Keep in mind that all investments carry some risk. Whether you’re investing in a fund in your personal pension or in individual assets through a self-invested personal pension, it’s important to consider what level of risk is appropriate for you and your financial circumstances.

You can access your pension savings from age 55

The interactive investor survey found that just 25% of self-employed workers aged between 35 and 54 knew when they could access their pension savings.

Normally, you can start to withdraw money from your pension when you turn 55 (rising to 57 in 2028). So, you might be able to access your pension sooner than you expect. You could even start to access the savings while you’re still working, which may allow you to phase into retirement gradually. 

There are tax benefits when accessing your pension too. 

If your total income exceeds the Personal Allowance, which is £12,570 in 2024/25, your pension withdrawals will usually be liable for Income Tax. However, you can take 25% of your pension (up to a maximum of £268,275 in 2024/25) tax-free – something that fewer than 1 in 5 middle-aged self-employed workers knew.

There are several ways to create an income once you’re ready to retire. You could:

• Purchase an annuity to generate a regular income for life
• Create a flexible income through drawdown
• Withdraw lump sums.

You may also mix the above three options to create a retirement income that suits your lifestyle.

So, a pension provides a tax-efficient way to invest for your future and could offer more flexibility than you expect when you reach the milestone. 

As a self-employed worker, you’ll be responsible for opening a pension, managing your contributions, and ensuring you’re on track for the retirement you’re looking forward to. If you’d like support planning your retirement, we’re here to help. 

Contact us to discuss your pension and retirement

Whether you’d like to discuss opening a pension or review your existing retirement savings, please contact us. We can work with you to create a financial plan that balances your savings towards your short- and long-term goals.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. 

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.  

Levels and bases of, and reliefs from, taxation are subject to change and their value will depend upon personal circumstances. Taxation and pension legislation may change in the future.

Drawdown pension plans (unsecured income) are complex and are not suitable for everyone. Pension decisions can affect your income for the rest of your life (and that of any partner and other dependants). Where benefits are accessed on a flexible basis, these are not fixed or safeguarded for life. If security of income is important to you then you should consider purchasing an annuity or taking a scheme pension to provide a secured level of income.

The end of the year is fast approaching, and while your mind might be on celebrating the festive period, it’s the perfect opportunity to tick off some financial tasks you might be putting off. 

Spending some time going through your finances and thinking about what you want to achieve next year could help you step into 2025 feeling confident about your future. So, here are 10 jobs you could complete before the end of the year. 

1. Check the interest rate your savings are earning 

You’ve no doubt heard a lot about interest rates rising over the last year. If you’ve got money in a savings account, it could mean your savings have a chance to work harder and deliver more interest. 

After more than a decade of historically low interest rates, your savings could now earn more than 5% and even a small difference can add up over the long term. If you haven’t reviewed the interest rate your savings are earning now and the alternatives available, it could be a worthwhile task.

Usually, the highest interest rates are available if you lock your money away for a defined period. So, setting out what the money is for and when you might need to access it could help you find the right account for you. 

2. Review your investments 

Investment markets have experienced volatility in 2024 – how have your investments fared?

A quick review of your investments could help you see if you’re on track. Remember, don’t just focus on the performance over the last 12 months. Instead, look at your returns over a longer time frame and the overall trend.

As well as checking if you’re on track, you might also want to ensure your investments continue to align with your needs. If you’re financial circumstances or goals have changed, you may want to update your investments to reflect that. 

3. Use your gifting allowance

If your estate could be liable for Inheritance Tax (IHT) when you pass away, gifting assets during your lifetime may be a useful way to reduce a potential bill.

However, not all gifts are considered immediately outside of your estate for IHT purposes. So, making use of those that are could be useful. One such option is known as the “annual exemption”, which allows you to gift up to £3,000 to an individual or split between several people each tax year – that could make a welcomed Christmas present for a loved one!

The small gift allowance also allows you to make as many gifts as you’d like up to £250 to each person each tax year, as long as you have not used another allowance on the same person. 

4. Track down “lost” pensions

Do you know where all your retirement savings are? It could be easier than you think to “lose” a pension. 

Indeed, according to a report in FT Adviser, 29% of Brits have no idea how many pensions they have. If you’ve moved home or switched jobs since you last reviewed your pension, a quick check could uncover some missing savings.

Start by going through your current pensions and employment history to identify gaps. If you discover a gap, you can use the government’s pension tracing service to find the contact details you need for the pension scheme.

5. Complete some pension admin

While you’re checking you’ve not lost touch with any retirement savings, a quick check-in on your current pensions could be useful too. You may want to review if your:

• Personal details are correct
• Target retirement date is right
• Pension is invested in a way that suits your goals.

In addition, if you’re a higher- or additional-rate taxpayer, you may want to check if you could claim additional pension tax relief through a self-assessment tax return. 

Getting your pensions in order could make it easier to understand if you’re on track for retirement and reduce the risk of losing them in the future. 

6. Assess your financial protection 

According to the Association of British Insurers, a record £7.34 billion was paid out through financial protection in 2023. While you hope you don’t need to make a financial protection claim, it could provide an invaluable safety net when you need it most. 

Take some time to assess the protection you already have in place – does it still meet your needs? If your financial commitments have increased or your circumstances are different, you might find you want to increase the cover.

7. Name a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) gives someone you trust the power to make decisions on your behalf if you’re unable to. While it can be difficult to think about, an LPA could reduce stress and ensure your affairs are in order if you’re affected by an illness or accident. 

If you already have an LPA in place, you might want to consider your wishes and if any changes could affect the decisions you’d like an attorney to make. 

8. Inspect your will

Over time, your wishes and circumstances can change. So, reading your will now and again to ensure it’s still accurate is important. You might find that an update is necessary after you welcome a new grandchild or the value of your assets has grown. 

According to Will Aid, more than half of UK adults don’t have a will in place. If you’re among them, you may want to make writing a will a priority. A will is one of the main ways to state how you’d like your assets to be distributed when you pass away. Without a will, your estate would be distributed according to intestacy rules, which could be very different from your wishes. 

9. Fill in your pension expression of wish form

Usually, your pension isn’t covered by your will. Yet, it could be one of the largest assets you have, so it’s important to make sure you let your pension provider know who you’d like to receive it if you pass away.

You can do this by completing an expression of wish form, which you can typically do online. If you have more than one pension, you’ll need to fill in the form for each one. 

10. Arrange your next financial review

If you don’t already know when your next financial review will be and want to speak to us, you can get in touch to arrange a meeting. 

Next month, read our blog to discover some tips for reviewing your goals for the year ahead – they could help you get more out of 2025 and beyond. 

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate Lasting Powers of Attorney or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. 

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.  

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. 

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority (FCA) does not regulate Inheritance Tax planning or trust advice.