Teacher and single mother can retire at 55 with room to spare, if she plays her cards right

A woman we’ll call Brooke, 46, lives in Ontario with her son, Carl, who is 13. A school teacher, each month she earns $7,724 from her job before tax, $600 from doing tutoring privately and $1,200 from renting a room in her home. That’s $9,524 per month or $114,288 per year. After 26 per cent average tax, she has $84,575 or $7,047 per month. She adds $202 from the Canada Child Benefit and $300 child support, neither taxable, for after tax income of $7,549 per month. She wants to retire in...