Neelymw answered the buffer question quite well.
Re solubility: retention in reversed-phase HPLC is based on the equilibrium distribution between the liquid mobile phase and the stationary phase. All other things being equal, as solubility in the mobile phase increases, the equilibrium shifts in that direction and the analyte washed off the column more quickly. In my original answer, I was careful to qualify the statement ("usually"), because there are exceptions.
Re permissible limits in retention: depends on the complexity of the sample and the possibility of mis-identifying a peak. If you are doing a potency or content uniformity assay, for example, and there is effectively only one large peak in your chromatogram, then you can have a considerable day-to-day variation with no problem. Within a single day, the retention time variation should be such as to not affect quantitation. If you run check standards interspersed in the run and they all fall within the precision limits, then no problem. If the check standards drift out of range, then there is a big problem. Check the thread on
System Suitability per USP <621> (link:
http://www.sepsci.com/chromforum/viewtopic.php?t=725) for additional comments in this regard.
If you are looking at or for impurities or degradants, then you will require much tighter control of retention in order to correctly identify the peaks. There is no hard-and-fast criterion, but 1-2% variation is probably considered "typical".