Original publish date April 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 15 of the YMYW podcast. Joe and Big Al share the top five most costly retirement mistakes you could be making. Plus, don't miss these top tax tips the wealthy use to stay rich.

00:00 - Intro

06:18 - "If you make a big financial mistake at this stage in your life, you may never recover and we've seen huge mistakes. You'll be paying for it the rest of your life"

11:06 - "Here are some costly investment mistakes"

15:05 - "The reason I think they're so emotional [with their investments] is because they don't have that well thought-out financial plan or financial strategy"

19:52 - "[Have] the right asset allocations; some of you might have a portfolio that is suited for a 40-year old when you are in your 60's, and some of you might not be taking on enough risk"

24:10 - "If you think about where your retirement assets are located, probably most of them are located in IRAs, 401(k)s and 403(b)s. Guess what? When you take the money out of those plans, you have to pay income taxes on it."

31:25 - "If you think about taxes and tax planning during the year, you could actually make a pretty big difference in your tax liability"

34:27 - "We're a financial planning firm that focuses on all areas of financial planning, but taxes are a big deal because we manage a lot of money... and we want to make sure we give them the highest after-tax return possible"