Clearly, lack of a workplace pension does not doom someone to financial insecurity in retirement.
CPP
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 program is designed so Canadians who die early in life subsidize those who live longer.
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.
Since forming government, the Liberals have announced several tax hikes and more may be on the way.
Reversing course and raising the age of eligibility for retirement benefits to 67 from 65 would be politically costly, but it makes eminent sense when one considers the aging of our population.