John just finished his MBA degree and is about to start his career. He is very conservative and often thinks about his future. Therefore, John wants to set up a savings plan for his retirement life. Assume you guys work for a wealth management consulting firm. Please assist John to come up with a robust saving plan. Assume that the interest rate is 5% for the entire period. John plans to retire at 65 and expects to live until 90. Assume starting from his 66th year (the end of the first year after retirement), he expects to spend $30,000 every year, how much money does he need to have by the time he turns 65 and retires?

Continuing the previous question, assume John is 25 now. He plans to save some fix amount of money by the end of every year until the day he retires. How much does he have to save each year to attain his goal?