To say that $500,000 is a significant amount of savings would be an understatement. But is it enough to retire on? That’s the question GOBankingRates reader Daniel submitted to our Top 100 Money Experts series. He cut to the chase, asking whether he could retire on half a million dollars.

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We brought Daniel’s question to Shang Saavedra, a nationally recognized financial expert and founder of Save My Cents. Not only is Saavedra seasoned at helping people navigate complex financial questions, but she also finished investing for retirement at 31 years old. Her answer? It depends.

A variety of factors can determine the amount of money needed for a secure retirement — and in many instances, even $500,000 might not be enough. Saavedra walked Daniel — and all readers — through the main issues to consider.

Without knowing Daniel’s other finances, life circumstances and personal retirement goals, Saavedra can’t give a simple yes or no answer. Instead, she can guide him through a series of questions to help him draw his own conclusions.

  • Is this for one person or two? “It’s more money if it’s just for one person,” she pointed out. Obviously, $500,000 will stretch further supporting only one person.

  • Where does Daniel plan to retire? “Are you retiring in a high-cost-of-living area like California, or looking to live abroad — for example, in Vietnam?” Saavedra said. “Your dollar can go a lot further to fund retirement in lower-cost countries.”

  • Does Daniel have flexibility with that $500,000? “Is all $500,000 in assets you can make income from and withdraw, such as stock-based investments, or is it tied up in a home you’re living in and not renting out?” she said. “If all of your net worth is tied up in home equity and you are not renting out the home, then you are not realizing any income at all — and that makes it very difficult to retire.”

  • Is the money tax-deferred? In other words, will he still owe taxes on it, or is it in a Roth account? “Taxation on your withdrawal can lead up to a 40% difference in how much of your retirement income you get to spend,” she said.

Working with a trusted financial advisor, Daniel could go through these questions to determine whether his $500,000 could realistically sustain him through retirement — or if he still has more saving to do.

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As Daniel weighs his broader financial situation, he also needs to think about his current and future expenses. Saavedra stated a simple truth: “The lower your expenses, the more you can make your retirement stretch.”

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His largest expenses at the moment are likely his home and car. To improve his odds of retiring on $500,000, Saavedra recommends exploring ways to downsize either or both to reduce recurring costs.

She also stresses the importance of planning for health care expenses. “As you age, your health matters too,” she said. “If you’re in top shape, you’re less likely to need medical intervention, but if not adequately insured, you could face five- or six-figure surprise bills.”

To safeguard his retirement, Daniel should make sure he has adequate insurance coverage to help mitigate potential expenses, as well as a robust emergency fund.

Though $500,000 is a solid sum, it can deplete faster than you might expect in retirement — especially if health care or living costs rise. That’s why Saavedra wants Daniel to take steps to stretch his savings and make them last.

Her first recommendation is to move to an area with a lower cost of living. She also emphasizes the importance of protecting against outsized health are costs.

“Working enough to get employer-sponsored health care can relieve you of tens of thousands of dollars you’d otherwise need to set aside for health care,” she said.

Beyond health care, collaborating with a financial advisor can help Daniel develop a withdrawal strategy and tax-efficient investment plan, downsize his lifestyle if needed and build up cash buffers to keep him secure through retirement.

There’s no doubt that having $500,000 in savings provides a strong foundation for retirement. But whether it’s enough to fully retire depends on your lifestyle, expenses and flexibility.

This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.

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This article originally appeared on GOBankingRates.com: Can You Retire on $500K? A Retirement Expert Weighs In