One man wrote to a USA Today writer, Peter, about his issues regarding retirement savings. He makes $200k a year and is 58 years old but has no retirement savings. A well-executed plan with significant change can solve this, however. Peter believes that in 12 years the maximum amount you can get from social security at age 70 will be around $4,000 a month. The first step is to contribute $26,000 to your 401(k), which by the time you retire should lead to a total balance of $490,000. The last step is to trim your living expenses down and put the extra into long-term saving assets.