Richard is currently 38 years old and plans to retire when he is 65. He earns Rs 25,00,000 a year as a marketing planner and gets a 5% increase every year . He currently has Rs 3,80,000 saved for his retirement in an equity fund that earns 20%. Richard will leave the money in mutual fund until he retires, the time when he will place all his savings into a money market mutual fund that earns 6%. He contributes 10% of his income every year into his retirement account. Richard expects to 90% of his income as retirement income for at least 30 years. The expected average rate of inflation is 3.5%. Richard is concerned that he might not have enough money to retire when he is 65 years old.

1) How much money Richard will have saved when he retires at the age of 65?

2) Determine whether he can retire at 60 years of age instead of 65 if he starts saving 15% of his salary?

3) If he wants to retire at 60 years but does not want to save more than 10% of his income, provide some alternatives to meet his retirement needs as per his capability.