Correct in part.  Inflation is difficult to calculate in.
I excluded inflation in the return calculations...  essentially making it all 2017 dollars.

every year CPP contributions go up based on inflation.  By using a rate of return less inflation I roughly kept the figures in 2017 dollars...  therefore roughly' accounted for inflation.

I read CPP rate of return is actually 7% over inflation for the entire managed fund...  so my numbers are even more conservative...

Yup.  It really is that bad.