Financial advisor Stoy Hall warns of costly red flags in retirement plans that can drain savings, create tax burdens, and force lifestyle changes. Misjudging retirement costs and relying on one income source are common pitfalls. Hall recommends tracking actual spending and adjusting for inflation to prevent underfunding. Concentrating savings in one account type can lead to tax hits and reduced flexibility. Diversifying accounts can manage future taxes and provide more options. Underestimating healthcare costs and copying generic advice are also red flags. Building a personalized plan can help avoid costly mistakes and ensure a secure retirement.

Read more at Yahoo Finance: Here Are 5 Red Flags in Your Retirement Plan That You’ll Probably Miss