The simple calculator shows a net worth graph and table from now to when the youngest spouse turns 90. All values are in today's dollars.

The table returned by the simple calculator will show all values combined with the spouse if there is one. A graph of net worth is shown in today's dollars.

A consumption graph in today's dollars is shown to show where the money spent is coming from. Negative bars indicate deposits.

It assumes:

• All incomes and all spending are indexed to inflation.
• Income (considering deposits and withdrawals from the Registered retirement account), is taxed according to the current tax rates (federal and provincial).
• Only the personal credit is applied. Contributions to EI and CPP/QPP are not considered. The full MoneyReady App does a much more accurate tax calculation.
• Incomes and expenses are indexed to inflation (so they don't change in today's dollars.)
• Growth in accounts is reduced by the inflation rate (set at 2%) to show you the values in today's dollars.
• Growth in non-registered accounts is taxed at the accounts' owner's marginal tax rate and the taxes are paid from the account.
• Before retirement:
• All income not saved is spent. This is equivalent to setting a spending PRIORITY of 100% in the main app.
• If spending is calculated to be negative, a warning is issued. Decrease savings or increase income.
• After retirement:
• Required RRIF withdrawals are made from the registered retirement account past age 71.
• If more income is needed to support the spending level, withdrawals are made from the non-registered, then the TFSA, then the registered account. If all are empty, the deficit is accumulated in a "Wallet" account that is shown in the table and reduces net worth. A warning is issued if you have a negative wallet. You should decrease spending or increase income.
• Excess income above spending and taxes is saved to first the TFSA up to the yearly limit, then the Non-Registered account.
• CPP/QPP and OAS benefits are taken as soon as eligible. The CPP/QPP calculation considers only the first part of the enhanced CPP/QPP. The OAS clawback is estimated.

The full Money Ready App lets you change the order of deposit and withdrawal priorities in any year (in PRIORITIES).

It lets you enter REAL-ESTATE, LOANS of all types, and term LIFE-INSURANCE.

It lets you enter rates of return, interest rates and inflation for accounts, investments, and loans individually and for any date.

You can set different rates of inflation indexation for different incomes and expenses.

It calculates CPP, QPP, OAS, and GIS for you and the estimates will be much more accurate than here. It also considers pension income splitting, pension, age and many other tax credits, which is not done here.

If either you or your spouse qualify for the disability tax credit, you will be able to indicate that in your PROFILE.

If you have a CCPC, you will be able to indicate that in your PROFILE.

The MoneyReady App TIME MACHINE will give you detailed results and many graphs.