Ted is planning on retiring at age $65$ and he is projected to live to an age of $90$ according to actuarial tables. He will receive $$20,000$ per year in retirement benefits from his employer. If he so desires, he can receive a one$-$time payment of retirement benefits at age $65$ instead of receiving annual benefits until he is $90.$ How much will his retirement benefits be worth at age $65$ assuming an interest rate of $8\%?$