Your cousin feels he would be able to retire as soon as his retirement savings are able to sustain annual consumption equal to his last year's earnings (in real terms) for the rest of his life, assuming mortality rates as in the table. To be prudent, he discounts his future consumption at 2% p.a. so that once he is retired he does not need to take any investment risk. Calculate the amount of savings your cousin would need to retire at ages 60 and 65.