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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 Note that content may be outdated as rules and regulations have changed.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.\xa0Joe 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 - \u201cIf you make a big financial mistake at this stage in your life, you may never recover and we\u2019ve seen huge mistakes. You\u2019ll be paying for it the rest of your life\u201d

11:06 - \u201cHere are some costly investment mistakes\u201d

15:05 - \u201cThe reason I think they\u2019re so emotional [with their investments] is because they don\u2019t have that well thought-out financial plan or financial strategy\u201d

19:52 - \u201c[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\u2019s, and some of you might not be taking on enough risk\u201d

24:10 - \u201cIf 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.\u201d

31:25 - \u201cIf you think about taxes and tax planning during the year, you could actually make a pretty big difference in your tax liability\u201d

34:27 - \u201cWe\u2019re 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\u201d