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!