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2023 Document Retention Guidelines

Should I Stay or Should I Go? A Guide to Document Retention


It can be hard to keep up with what we should keep, what we should get rid of, and what we should retain, but only for a period of time. Below is a list that covers many of the individual items you may have to account for:


Investment Related:

401K /Keogh Statements - 7 years *

Annuity Year End Statements - 7 years *

IRA Year End Statements (deductible & non-deductible) - 7 years to Permanently

Investment/Sales of Stocks & Bonds 7 years


Bank Related:

Bank Statements - 3 years

Cancelled Checks - 3 years

Certificates of Deposit Statements - 7 years

Loan Records/Forms 1098 - 7 years *

College Financial Aid -10 years after loan is repaid

Credit Report - Keep Until New One Arrives

Credit Card Statements - 7 years


Estate Planning Related:

Guardianship Arrangements - Permanently

Medical Directive - Keep Until New One Signed

Powers of Attorney - Keep Until New One Signed

Trust Documentation - Keep Until New One Signed

Wills - Keep Until New One Signed


Employment Related:

Detailed List of Financial Assets Held - Permanently

Forms 1099 Received - 7 years

Forms W2 Received - Permanently

Pay Stubs - One year, discard all but final,

Retirement Plan Benefits - Permanently


Home Related:

House Records (cancelled checks for purchase

of major improvements and maintenance) - Permanently

Real Estate Documents - Keep 3-6 years after property has

been disposed of and taxes have been paid.


Insurance Related:

Life Insurance Policies – Permanently

Other Insurance Policies – 7 years


Tax Related:

Tax return and cancelled checks for tax payments - 7 years

Major Purchase Receipts - 7 years

Medical Expenses - Keep with applicable tax return

Charitable Contributions - Keep with applicable tax return

Credit Card Purchase Receipts - Discard after purchase appears

on credit statement if needed for warranties, merchandise returns or taxes.

Form 8606 - 7 years after IRA is liquidated

Employee Business Expense Reports - Keep with applicable tax return


Other

Alimony, Custody or Prenuptial Agreements - Permanently

Birth and Death Certificates - Permanently

Medical Records - Permanently

Military Records - Permanently

Photos or Videotape of Valuables - Permanently

Cemetery Deed - Permanently

Diplomas - Permanently

Immunization Records - Permanently

Passport - Keep Until Expired

Social Security Card - Permanently

Vehicle Titles - Keep Until Sold


*7 Years Following Disposition, Termination, or Pay Off

Please note that this table should only be used as a guide. You should consult with your attorney and insurance carrier when establishing a record retention policy. It is also recommended reviewing your record retention policy annually and updating it as necessary considering changes in governmental and professional requirements and the cost of retaining records.


Keep in mind as you review this list, that in your online portal you have access to the "Vault". That is a secure online portal where you can store these documents digitally with some protection. And only you will have access to these documents. If you would like more information, please reach out or you can also view this page to watch the video titled, "Sharing Files in Vault". Link https://www.retirementplanningfinancialadvisor.com/how-to-videos


As always, if we can help with anything for yourself, a family member, or a friend, please don't hesitate to reach out anytime!

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