1. You are currently 43 years old and expect to retire in 25 years, and then you expect to live for another 20 years after retirement. Your current labor income is about $60,000. Assuming you have no savings, how much do you need to save from this point until retirement in order to replace 75% of your current income during retirement? (Assume no increase in wage and that your rate of interest will exceed inflation by 3%)