The MoneyReady Forum
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Thank you so much for the quick responses and updates. MoneyReady is very helpful in knowing when I should convert my RRSP/LIRAs to the corresponding RRIF/LIF accounts, and how to optimize my withdrawals. It also confirmed my intent to defer CPP to age 70. It's exactly what I need.

One more item puzzles me. I have used all my TFSA contribution room. The Withdrawal Optimizer shows TFSA withdrawal of $1887.82 for 5 years from 2024 to 2028 (age 67 to 71), then large contributions (approx $13k to $20k) from 2033 to 2035 (age 76 to 78), then contributions drop back down to the $6k range. I have used all my TFSA contribution room. Can you tell me the reason for these withdrawals and recontributions?

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Great! So far, the TFSA contribution room grows every year, and is increased by any withdrawals.  The basic TIME MACHINE only does what you tell it to do. But when in Optimizer territory then it will it optimize, then it’s harder to tell what it's doing. If it gives a better a solution than what your inputs are for automatic deposits/withdrawal and priorities, that’s what it’ll show you. It’s quite smart (https://www.moneyreadyapp.ca/blog/post/8).  Because it doesn't use rules-of-thumb but does the hard math and actual optimization for your particular scenario, the why is  harder to figure out post-hoc. There’s many variable to consider (mostly investment rates, taxes, and required withdrawals from LIRAs and LIFs), which it does. It is usually is quite informative to look at the results to help you determine your best strategy.