A law school graduate joins a small law firm in San Francisco as a young first-year associate at age 25. She makes $60,000 per year (take home pay) and barely gets by, spending 95% of her entire take home pay on just rent, utilities, food, car payments and insurance, with no saving and declines to participate in her firm's 401k plan because she feels so strapped.

Her income remains at this level for the next 15 years. As she had hoped and expected, she makes law firm partner at age 40 and her take home pay jumps to $132,000, where it remains for the next 25 years. She retires at 65 and commences Social Security with annual benefits of $30,000. She expects to live 25 years in retirement, passing away at age 90. You can treat all of these numbers as real and inflation adjusted. You can ignore taxes. She cannot borrow against future labor income. She is very risk averse and plans to invest only in absolutely safe assets. Her preferences are such that she must have a constant rate of consumption as she ages. If the real rate of return on safe investments is 0%, how much should she save for retirement per year during her 25 years as a partner earning $132,000? What constant level of consumption can she enjoy between ages 40 and 90?