How Long Should I Keep Financial Records?

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Written by Broadridge Investor Communication Solutions, Inc. and Provided by Ken Fortuna, Financial Advisor with Waddell & Reed.


There’s a fine line between keeping financial records for a reasonable period of time and becoming a pack rat. A general rule of thumb is to keep financial records only as long as necessary. For example, you may want to keep ATM receipts only temporarily, until you’ve reconciled them with your bank statement. But if a document provides legal support and/or is hard to replace, you’ll want to keep it for a longer period or even indefinitely. It’s ultimately up to you to determine which records you should keep on hand and for how long, but here’s a suggested timetable for some common documents.

 

One Year or Less

  • Bank or credit union statements
  • Credit card statements
  • Utility bills
  • Annual insurance policies
  • Paycheck stubs

 

More than One Year

  • Tax returns and documentation*
  • Mortgage contracts and documentation
  • Property appraisals
  • Annual retirement and investment statements
  • Receipts for major purchases and home improvements

 

Indefinitely

  • Birth, death, and marriage certificates
  • Adoption papers
  • Citizenship papers
  • Military discharge papers
  • Social Security card

 

*The IRS requires taxpayers to keep records that support income, deductions, and credits shown on their income tax returns until the period of limitations for that return runs out– generally three to seven years, depending on the circumstances. Visit irs.gov or consult your tax professional for information related to your specific situation.

 


This article is meant to be general in nature and should not be construed as investment or financial advice related to your personal situation. The article was written by an independent third party, Broadridge Investor Communication Solutions, Inc. and is provided for informational and educational purposes only. Copyright 2016 – Broadridge Investor Communication Solutions, Inc.


My goal is to make it simple and straightforward to identify and plan for your financial goals. Call, click or stop by my office today and allow me to help guide you through financial planning, investments and managing risk.

Ken Fortuna, M.B.A.
Financial Advisor at Waddell & Reed, Inc.

Address: 1575 Dewar Drive – Suite 450, Rock Springs, WY 82901
Phone: 307-382-2944
Website: kenfortuna.wrfa.com

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