Can a family of three?

I just did this calculation recently for a project regarding retirement income in Canada. If your house is paid for a survival budget is about $1500 per month. This may fluctuate a bit depending on which part of the country you live in but it is doable. With 2 parents and a teenager the potential to increase income is very high as the youngster should be able to start working soon and/or the parents should be able to create more incomes with the added freedom now that your child is growing up. I would say your financial situation is looking so bright you gotta wear shades.