You are helping your client, Hugh, who is now 58 and preparing for his retirement in 7 years (at age 65). He needs your help to figure out how much he might need to save so that he will have enough to achieve his retirement goal. He currently has $700,000 in RRSP and will not have any private pension income in retirement. He is concerned about his retirement income not being enough. He believes he needs $85,000 per year in total when he retires (when he turns 65). He wants your advice on how much money to save in his RRSP and other type (s) of investment account so that he will have enough during his retirement. You have projected that he will be receiving $2,017/month in CPP &OAS combined (in future dollars in 7 years from now). Based on the 2019 Projection Assumption Guidelines from Revenue Canada, you are using an inflation rate of 2.0% while analyzing Hughs retirement. Hugh is expected to earn a yearly return of 6% on his RRSP before retirement and 4.0% post-retirement. Hugh would like his income plan to last him until 85 years of age. He is expected to save money at the end of each year pre-retirement, and withdraw at the beginning of each year post-retirement.

Based on above, calculate how much Hugh needs to save at the end of each year to achieve his retirement goal?