Planning for retirement can be tricky, with financial advisors highlighting common costly mistakes that could deplete six figures from your savings. Spending more than you earn can shrink your retirement savings, making it essential to save properly and start contributing early for growth opportunities. Delaying retirement accounts can cost self-employed individuals up to $150,000 a year over their career. Inflation and rising costs should be factored into retirement plans to avoid losing value. Diversification in investments is crucial to avoid dramatic losses in the stock market, with potential costs of over $100,000. Seeking expert advice and planning ahead can save you millions in taxes when it comes to selling a business or making large withdrawals. Social Security, healthcare, and proper distribution rates also play a significant role in maximizing retirement benefits and avoiding costly penalties.

Read more at Yahoo Finance: 15 Retirement Mistakes That Could Cost You $100K or More