40 years old retire at age 60 want 25000 per year for 25, Finance Basics

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40 years old retire at age 60 want 25000 per year for 25

Question: 40 years old, retire at age 60, want $25000 per year for 25 years after retiring begining on 60th birthday, can save 1000 per year for next 10 years then 1500 per year for remaining 10 years, how much must he increase each years savings to reach his goal? Assume a discount rate of 6% over the entire period.

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