Norm and Tina from This Is Our Retirement Detailed Retirement Tips

Norm and Tina from the Canadian “This is Our Retirement” YouTube channel share what it’s like to stop working and live the life you want.

They are a charming couple, British ex-pats, who have lived in Canada for several years. Their videos are largely about their own experiences of retiring early and some of the choices that they have made. They also speak extensively about lifestyle and travel.

You don’t need a million to retire in comfort.

I enjoyed watching their channel a lot and have watched every single video they produce since 2019. I am learning from their experience and taking note of the tips Norm and Tina share.

Sometimes it isn’t easy to find the information I liked in the video. So, I decided to compile my notes into this blog post.

At what age did Tina and Norm retire?

Norm Pogson retired at 55, five years before Tina. Tina continued to work while Norm was establishing and growing his photo/video stock portfolio income.

Tina retired at 58, Norm was 60 at that time. That is when they both retired and began a new lifestyle full of adventure.

Where Tina and Norm Live

Norm and Tina from “This is Our Retirement” live in South West Ontario in a small city similar to Brantford. They live in rent control, a 1300 sq. feet two-bedroom, two-bath apartment from a large corporation with over 90 buildings.

Their monthly rent started at $1,400 a month(in 2015) and increases by 1.8 – 2.5% each year.

Right now in 2023, they pay approximately $1,533 a month.

Their rent covers… (The Decision To Live In An Apartment: Our Story And Experiences.)

• Ongoing maintenance
• Underground parking
• Utilities
• Insuite laundry
• Pool/Gim
• Balcony

If you decide to rent the same apartment right now for example in Brantford Ontario, you will pay $2330.

It’s a significant difference.

SIMILAR APARTMENT BUILDINGS

HARRIS PLACE – PARK RD

555 Park Rd. N. Brantford, ON

The new building (NOT rent-controlled) Starts at $ 2,020 per month for a one-bedroom apartment.

Meadowpark Apartments in Chatham, Ontario

50 Merritt Ave., Chatham, ON, N7M 6A6. Starting at $1,600 per month for a one-bedroom apartment. Was built in 1980 and HAS rent-controlled.

Amenities

• Controlled Entry
• Landscaped Grounds
• Resident Events
• Outdoor parking
• Video Surveillance
• In-suite storage
• Quiet Neighborhood
• On-Site Laundry
• On-Site Management
• Individually Controlled Thermostats
• Private Balconies & Patios

DETEMIING RENT CONTROL

Look for an apartment that was first occupied BEFORE November 15, 2018. I recommend you read the province’s page on residential rent increases and renting in Ontario page for more information.

NEW apartment buildings first occupied for the first time after November 15, 2018, are NOT rent-controlled.

NOTE: It’s important to note that this is based on the occupancy of the building itself and not the individual unit you may be looking to rent.

The most reliable way to verify rent-control status is to reach out to the property management of the building or the landlord and tenant board for a definite answer. A quick chat with the on-site manager should confirm this for you. You can ask when the building was first approved for occupancy.

Tina and Norm’s Retirement Income

“We always knew in our marriage that we would sell our house to fund retirement and we did that, sold the house and rented an apartment,” they explained. “We invested the money from the sale of the house.”

“The financial lesson we have learned is to not be afraid of retiring or of your money running out in retirement.” – Tina and Norm Pogson

They thought carefully about how much they would need to fund their dream retirement lifestyle.

“We drew up a 10-year budget of $25K per year based on vacations we had already done, like a cruise. We knew the average cost of a cruise or land stay and how many days we would want to travel in a year, and it’s worked out well.”

retirement income

• Advertisements on their videos
• Amazon affiliate income
• Royalties from photography
• We have half a CPP because we were new Canadians
• Partial OAS for the same reason
• UK partial pensions

INVESTMENTS

Tina and Norm took the money from the sale of their house and they invested it very conservatively and were able to generate enough money to pay for the rent of an apartment that included all the utilities.

• Maxed out TFSA for both of us with dividend stocks
• RRSPs have U.S. dividend stocks, as there is no U.S. withholding tax on dividends in a retirement savings plan.
• We do keep significant cash amounts in high-interest internet-based Canadian savings accounts at 1.5%

TINA AND NORM’S RETIREMENT ROAD MAP

“We live in Southern Ontario, and we are very happy we took early retirement in 2015 we do Stock video, and YouTube, and we were traveling a lot till Covid restrictions put a stop to that, now have we just bought a trailer on a Lakeside Campground and counting the days till we can go there.“

RETIRE POOR BUT RICH

Even though having money from selling their house Tina and Norm keep their income low, now at 65 they are qualified for various Government benefits.

• Free Dental Plan
• GST sale TAX rebate
• Trillium Ontario Energy credit
• Guaranteed Income Supplement (GIS)
• and Red Flags forum deals

Information from video – RETIREMENT PLANNING [ Retire Poor And Rich ] In 2021

Ontario Benefits For Low-Income Seniors

From eligibility requirements and payment amounts to what to expect when applying, this guide shares everything you need to know.

Learn More

“Retiring poor is a financial planning instrument that you may be able to work out for yourself.“

How is this possible?

“If your income is below $19400 you qualify. An important point in Canada this is not means tested, purely income based. We use TFSA savings to “shelter” money tax-free, it’s invisible to the tax man! As we have already paid tax when we earned it. You can also buy stocks that don’t pay dividends to avoid income and look poorer.”

QUESTION: How to handle house sale capital gains in an efficient “tax-free” manner, so to speak …

“Yes, the house sale cleared any outstanding debt and it is free from capital gains as it was a primary residence. We have maxed out TFSA for both of us with dividend stocks, so this income is totally tax-free. RRSPs have U.S. dividend stocks, as there is no U.S. withholding tax on dividends in a retirement savings plan. We haven’t drawn from RRSP yet but will probably draw them down to contribute to TFSA. We have half a CPP because we were new Canadians and a partial OAS for the same reason. Other income is royalties from photography. We do keep significant in high-interest internet-based Canadian savings account at 1.5% so we have been able to achieve low-income status Revenue Canada assessed us at that and awarded us, G.I.S. Hope this helps, we are not financial advisors so do find out what is best for you.”

They also have a side hustle that can have tax deductions that reduce income.

“We rent an apartment and get tax deductions for the rent and property tax and rural hydro allowance, we also max out allowable deductions for medical, etc. (mileage and allowable food allowance). Just being well-informed on the tax system in Canada helps.”

Find out more about possible tax deductions for seniors from a blog post “11 Tax Credits and Deductions for Seniors in Canada” written by Tom Drake.

CONCLUSION

I really like their retirement plan, especially since I don’t have any savings apart from owning my house mortgage-free.

By selling the house I would be able to retire right now.

However, both of my adult children live with me. And I don’t think they will move out anytime soon with these skyrocketing rent prices, even though they both have good-paying jobs.

They help financially but I still have to cover house repair costs and go up and down the three floors.

Owning the house as your main retirement plan doesn’t always work.

READ NEXT:

• 40 Legitimate Online Work-from-Home Jobs for Seniors
• What You Should Be Doing Five Years Before Retirement (15 actionable steps)
• How to find the best place to live when you retire?
• 9 Housing Options for Seniors in Canada (Including Independent Low-Income Living)
• 7 Key Benefits Of Renting Vs Owing In Retirement for Low-Income Seniors.
• Maximizing Government Benefits for Low-Income Solo Retirees In Canada