George's retirement plan assumes that he will live to $90$ years of age, earn $7\%$ on his savings and receive a before$-$tax income of $$42,000$ at the beginning of the year during his retirement if he draws on his capital. He had originally planned to retire at the age of $65$ years. However, when he turned $65,$ he was in excellent health and enjoying his work. Therefore, he continued working until he was $70$ years old.

When George retired, how much less did he need in savings to meet his retirement objectives?

Question $21$ options:

$$44,502$

$$47,617$

$$42,412$

$$49,702$

$$45,687$