High density, low leakage and non-volatility are the attractive features of Spin-Transfer-Torque-RAM (STT-RAM), which has made it a strong competitor against SRAM as a universal memory replacement in multi-core systems. However, STT-RAM suffers from high write latency and energy which has impeded its widespread adoption. To this end, we look at trading-off STT-RAM's non-volatility property (data-retention-time) to overcome these problems. We formulate the relationship between retention-time and write-latency, and find optimal retention-time for architecting an efficient cache hierarchy using STT-RAM. Our results show that, compared to SRAM-based design, our proposal can improve performance and energy consumption by 18% and 60%, respectively.