If you live in Bowmanville, Courtice, Newcastle or Orono and retirement is somewhere between five and fifteen years away, this is the decade that matters most. Not because it is too late to fix things, but because it is the last stretch where the big levers — how much you save, when you take your pensions, what you do with the house, and how you are taxed — still move the outcome by hundreds of dollars a month.
Below is the checklist we use with Clarington families in their 50s and early 60s. The figures are 2026 numbers from Canada.ca, the Canada Revenue Agency and Statistics Canada, and the local ones come from TRREB and the Census. Where we use assumptions, we say so.
Why ten years out is the right time to start
Most people in Clarington who come to us for retirement planning arrive about two years before they want to stop working. That is workable, but it leaves very little room. Ten years out, you can still:
- Decide whether the mortgage gets paid off before or after your last paycheque.
- Use your highest-earning years to fill RRSP room at a high tax rate and draw it out later at a lower one.
- Take a slow, deliberate approach to CPP and OAS timing instead of defaulting to age 65.
- Let a home-equity decision (stay, downsize, or sell and invest) unfold on your schedule rather than the market’s.
Clarington is a young community by Ontario standards — the 2021 Census puts the median age at 39.2 and 15.4 percent of residents at 65 or older — which means a large cohort of households in their 50s is heading into this window at the same time. Many of them work at Ontario Power Generation, the Municipality, Lakeridge Health Bowmanville or the school boards and carry a defined benefit pension. Others are self-employed or run one of the roughly 97 percent of local businesses with fewer than 20 employees, according to the Clarington Board of Trade. The checklist works for both, but the answers look different.
The 10-year countdown checklist
1. Put a number on “enough”
Retirement planning that starts with a product usually ends badly. Start with the monthly after-tax amount you actually want to live on. For most Bowmanville couples we work with, that lands somewhere between $6,000 and $9,000 a month, depending on whether the mortgage is gone, how much travel is on the list, and whether there are still children at home or in school.
Write the number down. Everything below is measured against it.
2. Map your guaranteed income first
Government benefits do more of the heavy lifting than most people expect. Using July–September 2026 figures from Canada.ca:
| Source (per person, at 65) | 2026 monthly maximum | 2026 monthly average (new recipients) |
|---|---|---|
| CPP retirement pension | $1,507.65 | $877.01 |
| Old Age Security (65–74) | $751.97 | Most long-term residents receive the maximum |
| Old Age Security (75+) | $827.17 | — |
For a couple where both spouses receive an average CPP and full OAS, that is roughly $3,260 a month of indexed, lifetime income before any pension or savings. If one of you has a defined benefit pension from OPG, OMERS, HOOPP or a teachers’ plan, add it here — and find out whether it includes a bridge benefit that stops at 65.
You can request your CPP Statement of Contributions through My Service Canada Account. Do this now; it is the single most useful document in your file.
3. Measure the gap
Subtract your guaranteed income from your “enough” number. The result is what your savings — RRSP, TFSA, non-registered accounts, and possibly home equity — has to produce.
A worked example for a Bowmanville couple, both 57, targeting $7,500 a month:
| Couple A — one DB pension | Couple B — no pension | |
|---|---|---|
| Target after-tax income | $7,500 / month | $7,500 / month |
| Approximate income tax at 2026 rates, income split evenly | + $700 | + $700 |
| Gross income required | ≈ $8,200 / month | ≈ $8,200 / month |
| CPP (two average pensions) | $1,754 | $1,754 |
| OAS (two, 65–74) | $1,504 | $1,504 |
| DB pension (illustrative) | $3,000 | $0 |
| Monthly gap savings must cover | ≈ $1,940 | ≈ $4,940 |
| Annual gap | ≈ $23,300 | ≈ $59,300 |
| Savings needed at a 4% sustainable withdrawal (assumption) | ≈ $585,000 | ≈ $1.48 million |
| Savings needed at a 5% withdrawal (assumption) | ≈ $465,000 | ≈ $1.19 million |
Withdrawal rates are planning assumptions, not guarantees; the right rate depends on your age, your portfolio and how the first few years of markets behave. Tax figures are rounded, use 2026 federal and Ontario rates with the basic, age and pension credits, and assume income is split evenly between spouses at 65 or older. The point of the table is not precision — it is that a pension changes the size of the problem by more than half, and both couples need to know which column they are in.
For a deeper look at what a given portfolio can produce, see our article on how much monthly income $500,000 to $1 million can generate in Ontario.
4. Decide what the final decade of saving looks like
In your peak earning years the RRSP is usually the right first stop, because the deduction is taken at your highest marginal rate and the withdrawal comes later at a lower one. The 2026 RRSP limit is $33,810 or 18 percent of last year’s earned income, whichever is less, according to the CRA.
There are two exceptions worth flagging:
- If you have a generous DB pension, your pension adjustment will already be using most of your RRSP room, and your retirement income may not be much lower than your working income. In that case the TFSA — $7,000 of new room in 2026, and up to $109,000 cumulative if you have never contributed — often does more for you.
- If retirement income is likely to push you toward the OAS recovery tax threshold ($95,323 of net income for 2026, per the CRA), building TFSA and non-registered assets alongside the RRSP gives you more control later.
5. Make a mortgage decision, not a mortgage default
The average detached home in Clarington sold for about $831,690 in July 2026, according to TRREB. For many long-time Bowmanville owners that equity is the largest single asset on the balance sheet. The question is not whether to be mortgage-free — nearly everyone wants that — but whether paying the mortgage off early is a better use of the next ten years than filling the RRSP or TFSA.
With today’s rates, the answer is often a blend: keep the amortization on track, direct surplus cash to registered accounts while your tax rate is high, and plan a lump-sum payout at retirement from a source you have identified in advance. Our mortgage team can run the actual numbers for your renewal date.
6. Draft your tax plan for ages 60 to 71
Between your last paycheque and your first mandatory RRIF withdrawal (the year after you turn 71), there is often a window of unusually low income. Drawing RRSP money in those years — deliberately, at a low bracket — and leaving TFSA money to compound is one of the most reliable ways to lower lifetime tax. The 2026 federal brackets start at 14 percent on the first $58,523 of taxable income, and the age amount credit begins to shrink once net income passes $46,432, according to the CRA. Knowing where those lines fall for you is the whole game.
7. Decide your CPP and OAS timing on purpose
Taking CPP at 60 reduces it by 36 percent for life; waiting until 70 increases it by 42 percent. OAS can be deferred to 70 for a 36 percent increase. Which is right depends on health, other income, whether a bridge benefit is ending at 65, and whether you would otherwise be drawing down investments in a bad market. We have written a separate guide to the CPP and OAS decision for Durham and Northumberland retirees.
8. Review insurance and the estate file
Ten years out is when many families can start letting term life insurance lapse — and when disability coverage matters most, because the years just before retirement are the most expensive ones to lose. It is also the right time to update wills and powers of attorney and to make sure beneficiaries on RRSPs, TFSAs and pensions are current.
9. Make the home-equity decision on your own timeline
Stay, downsize within Clarington, or sell and invest the proceeds — each is a legitimate plan. What we discourage is deciding under pressure. If a move is possible, model it now, while you can still be choosy about timing and price.
10. Rehearse the budget
Two or three years before retirement, live for six months on the income you expect to have. It is the only test that tells you whether the number in step one was honest.
What this looks like with an advisor
At Harmer Wealth Management the retirement plan, the investment portfolio, the mortgage and — if it comes to it — the sale of the house are handled under one roof, so the checklist above is not a list of referrals. It is one conversation, revisited each year, with the numbers updated as CPP, OAS, tax brackets and your own life change. Our office is at 5301 Main Street in Clarington, and we meet by appointment or by Teams.
Frequently asked questions
How much money do I need to retire in Bowmanville?
There is no single figure. A couple with two government pensions and one workplace pension may need $500,000 or less in savings; a couple without a pension targeting the same lifestyle may need more than $1 million. Start with your monthly after-tax target and subtract guaranteed income.
Should I pay off my mortgage or contribute to my RRSP in my 50s?
For most people in a high tax bracket, RRSP contributions come first, with the mortgage kept on schedule and cleared at or near retirement from a planned source. The right mix depends on your rate, your renewal date and your pension situation.
When should I convert my RRSP to a RRIF?
No later than December 31 of the year you turn 71. Many Clarington retirees benefit from converting part of the RRSP earlier to draw income in low-tax years and to qualify for the pension income amount and pension income splitting from age 65.
Does a defined benefit pension mean I do not need a retirement plan?
It means your plan will look different, not that you do not need one. Bridge benefits, survivor options, indexing, CPP timing and taxes still have to be coordinated.
Is it too late to start planning at 60?
No. The levers are fewer, but CPP and OAS timing, withdrawal sequencing and tax planning still make a meaningful difference at any age.
The next step
If retirement is on the horizon and you would like the checklist filled in with your own numbers, book a complimentary consultation through HarmerWealth.com — choose Book Online — or call 1.800.723.2138. Bring your CPP statement, your most recent pension estimate and your last tax return. We will do the rest.
Chad Harmer, PFP, CIM, FCSI, MBA
Founder & Senior Wealth Advisor, Harmer Wealth Management Corp.
Sources: Canada.ca (CPP and OAS amounts, July–September 2026); Canada Revenue Agency (2026 RRSP and TFSA limits, tax brackets, indexation amounts, OAS recovery tax threshold); Statistics Canada, 2021 Census Profile, Clarington; Clarington Board of Trade, Clarington Profile 2021; TRREB Market Watch, July 2026.
This article is for general information only and does not constitute personalized investment, tax, mortgage, or legal advice. Withdrawal rates and returns shown are planning assumptions and are not guaranteed; market values fluctuate and past performance does not guarantee future results. Government benefit amounts and tax figures are current as of September 2026 and are subject to change. Mutual funds are offered through Investia Financial Services Inc. Mortgage services are provided through a separately licensed mortgage agent. Please consult a licensed professional about your specific situation.