Mr. Peter Phang, aged 35, is planning to retire at age 55. He understands from his advisor that he currently has a retirement funding shortfall of $800,000 at age 55 when he retires. His financial planner has recommended that he invest his savings in equities to help him meet the retirement funding shortfall. Assuming that the inflation-adjusted rate of return on equities is 5.5%, what is the regular savings which Peter will need to set aside yearly till his retirement?