You are planning for your retirement in 31 years. At that time you want to have enough saved to be able to afford to spend $60,000 per year (starting at time 32) for 15 years (if you live longer than 15 years your kids will have to support you).

How much will you need to have saved by time 31 if the expected interest rate from time 31 to 46 is 6 percent per year?