How Long To Keep Your Financial Records?

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With spring around the angle and tax season upon us, now is a great time to de-clutter some of your financial records. But, you may be request yourself, "How long do I need to keep my financial records?" Good ask and one that my clients ask me all the time. The short rejoinder is, "it depends". Basically you should keep your records in 4 categories: Short-term Records, Mid-term Records, Long-term Records, and Permanent Records. I'll highlight some of the biggies in each category, but you can use the chart for a more detailed list when sorting through your financial records.

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Short-term Records

Review your bank, broker and other financial institutions year-end statements to make sure they accurately reflect the monthly statements. Then you can toss the monthly statements. Keep those year-end statements with your tax files. Toss your Atm receipts and bank-deposit slips as soon as you match them up with your monthly statement. Pitch your pay stubs as soon as you receive your W-2 for the year. You can also toss paper copies of your credit-card, utility, phone and cable bills as soon as the next month's bill confirms your last cost arrived (unless you need to keep the bills for tax purposes, e.g. If you deduct home-office expenses, etc.). And when you do decree to toss any financial documents, be sure to shred them so your garbage doesn't come to be pay dirt for identity thieves.

Mid-term Records

Keep receipts, warranties, and, instruction booklets for major appliances and electronics. You can get rid of this material when you no longer own the item. Keep vehicle purchase receipts, titles, and registration and maintenance and fix records for as long as you own the car, boat, truck, or other vehicle. Keep end documents for mortgage, vehicle, student, and other loans until after the loan is paid off. It's a good idea to keep difficult to replace documents such as, titles and mortgages in a protection deposit box.

Long-term Records

This kind includes personal federal and state tax returns and their supporting records. The Irs could randomly audit you for up to three years after you filed the tax return. If you fail to article more than 25 percent of your gross income, the Irs has six years to derive the tax. However, you can be audited at any time if the Irs suspects fraud. Although it's ordinarily recommended that you keep your tax returns for at least seven years, I propose to my clients that they hold on to them forever (or at least make a digital copy and store it in your protection deposit box.)

Permanently Records

Essential records such as birth and death certificates, marriage licenses, divorce decrees, communal protection cards, and soldiery dismissal papers should be kept in your protection deposit box. In addition, you should keep the following estate planning documents in your protection deposit box: wills, trusts, and powers of attorney, life assurance policies, and pension-plan documents. It's also a good idea to keep a list of what you have in your protection deposit box. Modernize the list every tax season or as you add or take off documents. You might also want to keep photocopies at home of any documents you have in your protection deposit box, just in case you need to refer to them.

Record keeping Summary

Short-term Records

Note: Keep year-end statements and other items needed to hold your tax return.

Bank records Credit-card bills Current-year tax records Insurance policies (auto and home) Investment Statements Pay stubs Receipts Mid-Term Records Medical bills (in case of assurance disputes) Vehicle records Loan documents Household furnishings paperwork Long-Term Records Supporting documents for tax returns Stock and bond records Insurance policies (keep for the life of the policy) Accident reports and claims Medical bills (if tax-related) Property records/Improvement receipts Wage garnishments Other tax-related Bills Permanent Records Income tax returns Legal records Important correspondence Retirement and pension records Birth and death certificates Life assurance policies

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