SPECTRUMLY SPEAKING
May 2023
Hello!

We hope this newsletter finds you and your family all well and enjoying all that this month has to offer. Those April showers really popped those glorious May flowers!!

This month boasts several celebratory dates; Cinco de Mayo, Victoria Day and of course Mother's Day! Spectrum has also had some very special occasions! See our Updates section below.

Make sure to take some time to smell those beautiful fragrant lilacs and enjoy the tail end of spring before the hectic summer days arrive.

Stay healthy, stay safe, and stay in touch!
Karen, Richard, Janet & Jeni
Articles of Interest
Is Cash Still King?

How often do you use cash to pay for your purchases? Only 1 in 3 transactions last year in Canada were completed with cash. What does this tell us about central banks? Is it time to get with the times, and create digital currency? This article from the Bank of Canada explains the challenges and risks of going digital.
 
Mortgage Renewal Rates

You may feel anxious if you have a mortgage coming up for renewal soon. Although interest rate hikes are on hold, higher borrowing costs won't be lowering significantly anytime soon. If you are concerned about your variable mortgage or upcoming renewal, we may be able to find a way to mitigate some of your expenses. Please reach out if you need help.
CPP Enhancements

In order to support enhancements to the Canada Pension Plan, the government has phased in increased contributions to the program beginning in 2019. The next phase begins in 2024 where all workers will see their contributions escalate. 
The plan, once fully implemented, will increase the maximum CPP retirement pension by about 50%. 
Click the button below to learn more about the enhancements, and what contributions to expect over the next couple of years. 
What is a Gravity Battery?

What do former mineshafts have to do with renewable power? Engineers are designing a way to store power by hoisting a weight using solar or wind power and utilizing the power later, when the weights are lowered and release their energy. Another method of using gravity for power is using water to do the same. This isn't just a way to store power, it's also a way to revive employment & the economy in former mining areas! 
The Retirement Blues
Many of us work hard for decades to create a financial plan, and look forward to retiring. When it finally happens, the life change can be jarring! Just like a financial plan, we also need to be mentally prepared for the change. Many retired people go from busy days, being mentally challenged and depended upon, to having hours in the day they need to fill. Depression is the number one mental health issue facing older Canadians. Click the link below for some tips to help plan mentally for your Golden Years.
Estate Planning: More than Just a Will
Although a legal Will is the basis of an Estate Plan, there are many aspects that affect how your estate is distributed and ways to potentially reduce taxation and simplify the process for those you leave behind. 
Click the graphic above for a very informative article from Manulife and be sure to speak to us with any concerns you may have.
Spectrum Office Updates & Tips
Richard Had a Birthday!
We were delighted to celebrate Richard's 81st birthday with him
on May 5th!
While it wasn't a "milestone" birthday, we did take him to Milestones for lunch!

Many Happy Returns, Richard!
Janet Celebrated Her 23rd
Anniversary at Spectrum!
Janet took one more turn around the sun, here at Spectrum!

On May 8th, Janet celebrated a whopping 23 years with us !!

Over 2 decades of providing tremendous support to Richard & Karen and exceptional service to our valuable client families.
Financial Markets
Week in Review
For those interested in a deeper look at what happened in the financial markets this past week, this is for you.