Actions6
Plan → Run Monte Carlo Simulation
AI-generatedSummary
Run a Monte Carlo retirement simulation to assess the sustainability of a specified monthly after-tax spending target based on detailed personal financial and demographic inputs for an individual or couple in a specified Canadian province.
Inputs
- Target Monthly Spend (required) — Amount of money to spend monthly after-tax
- Scenario Type — Choose between 'Individual' or 'Couple' scenario to define one or two persons in the simulation
- Person 1 - Name — Name identifier for the first person in the scenario
- Person 1 - Current Age — Current age of the first person
- Person 1 - Retirement Age — Retirement age for the first person
- Person 1 - Death Age — Projected death age for the first person
- Person 1 - RRSP Balance — Registered Retirement Savings Plan balance for the first person
- Person 1 - TFSA Balance — Tax-Free Savings Account balance for the first person
- Person 1 - Non-Registered Balance — Non-registered investment balance for the first person
- Person 1 - Non-Registered Cost Basis (ACB) — Adjusted cost basis for non-registered assets of the first person; leave 0 to default to 90% of balance
- Person 2 - Name — Name identifier for the second person (only if scenario type is 'Couple')
- Person 2 - Current Age — Current age of the second person (only if scenario type is 'Couple')
- Person 2 - Retirement Age — Retirement age for the second person (only if scenario type is 'Couple')
- Person 2 - Death Age — Projected death age for the second person (only if scenario type is 'Couple')
- Person 2 - RRSP Balance — RRSP balance for the second person (only if scenario type is 'Couple')
- Person 2 - TFSA Balance — TFSA balance for the second person (only if scenario type is 'Couple')
- Person 2 - Non-Registered Balance — Non-registered balance for the second person (only if scenario type is 'Couple')
- Person 2 - Non-Registered Cost Basis (ACB) — Adjusted cost basis for second person's non-registered assets; leave 0 to default to 90% of balance
- Province — Canadian province to use in the simulation (Ontario, BC, Alberta, Quebec)
- Additional Options — Collection of extra settings including base TFSA room, whether to calculate GIS, enable belt tightening on expenses after negative returns, expense allocation between spouses, income splitting, inflation rate, survivor expense percentage
- Person 1 - Additional Fields — Additional financial and retirement details for person 1 (e.g., contributions, pension details, start ages for benefits)
- Person 2 - Additional Fields — Additional financial and retirement details for person 2, if applicable
- Person 1 - DB Pension — Defined benefit pension details for person 1
- Person 2 - DB Pension — Defined benefit pension details for person 2
- Person 1 - Withdrawal Weights — Percent weight allocation for withdrawal sequencing from non-registered, RRSP/RRIF, and TFSA accounts for person 1
- Person 1 - Fallback Order — Fallback withdrawal order for person 1's accounts when initial weights are exhausted
- Person 2 - Withdrawal Weights — Withdrawal weights for person 2, if applicable
- Person 2 - Fallback Order — Fallback withdrawal order for person 2, if applicable
Output shape
a JSON object containing the Monte Carlo simulation response from the NowCapital API
Uses the NowCapital API's 'monte-carlo' endpoint; the simulation runs asynchronously in external service, so output contains the immediate result returned by API including simulation status or job identifier. Follow-up retrieval of detailed results requires separate operations (Get Simulation Status and Get Simulation Result) using the job ID returned in this output.
Examples
Example 1: An n8n workflow author configures this operation to run a Monte Carlo simulation for a 55-year-old individual with specified RRSP, TFSA, and non-registered balances aiming to spend $5,000 monthly after tax, in Ontario.
Sets resource=Plan, operation=Run Monte Carlo Simulation, targetMonthlySpend=5000, scenarioType=individual, p1CurrentAge=55, p1Rrsp=500000, p1Tfsa=100000, p1NonRegistered=0, province=ON, and optionally additional detailed parameters.