Clearly, lack of a workplace pension does not doom someone to financial insecurity in retirement.
Canadians born after 1970 can expect a rate of return on their CPP contributions of between 2.3 per cent and 2.5 per cent.
The increased CPP tax alone translates into $1,624 more in taxes.
For retirees born after 1993, the CPP rate of return will be a meagre 2.5 per cent.
From 2015 to 2017, Canada ranked second lowest among 17 comparable countries in annual investment as a percentage of GDP.