Saturday, February 2, 2013

How long should you keep financial documents?

I get asked this question a lot.  Here is the answer that works for me.  If you have any specific questions, or need details about an item, you can comment below or send me an email, and I will give you more details  about that item.  For today, here is the list:

Keep for 1 year or less:

  • Bank statements
  • Retirement / 401K Plan Statements
  • Monthly Bills
  • Credit Card Bills
  • Paycheck Stub
  • Insurance Policies
Keep for 7 years
  • Copies of tax returns
Keep forever
  • IRA Contributions
  • Brokerage Statements
  • Loan Documents
  • Home improvement records
  • Receipts for major purchases
  • Savings Bonds
(source - www.bargaineering.com)

Have a terrific day!

Marsha Sims

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