Mike currently $35,$ has $$15,000$ saved for retirement. He is currently saving $$450$ at the beginning of every month and his employer matches his total savings contribution on a monthly basis. Mike projects that he could earn $7\%$ on his savings. He plans to retire at $65$ and expects to live until age $90.$ His current expenditure on basic needs at the beginning of every month is $$2200$ every month which is expected to increase with inflation of $4\%.$

How much lump sum funds would Mike need at the beginning of retirement to take care of his basic needs during the post$-$retirement period? Assume the same inflation and rate of return.

How much would be shortfall or excess is his retirement account?