You anticipate that once you retire, you will be retired for 39 years. How much at a minimum should you have saved at the time of your retirement, if you estimate that your 60/40 equity/debt retirement portfolio will have a real (net of inflation) return of 5.91% on average? 

After some calculations, you realize that your inflation-adjusted retirement income shortfall is $44,120 per year.

For simplicity, assume that once you retire you will be withdrawing the necessary amount from your portfolio at the end of each year.

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