Mr. Cheaf believe he will need $ 60,000 annual income during retirement. If he can achieve a 5% return during retirement and believes he will live 30 years after retirement, how much does he need to save by the time he retires?

Since this is a homework assignment, I suggest you try and work this out and then post the answer, and we'll check it for you. Here's a hint to get you started - check your text book to see how to make calculations of present value.