We are frequently asked how long our clients should retain their personal documents. What follows is a brief list of the type of document and how long we suggest that you keep them.
| What | How Long to Keep |
|---|---|
| Tax returns (including receipts and supporting documents) | Up to six full years |
| IRA and other retirement plan contribution records | Permanently |
| Investment and real estate records | Seven years after you sell |
| Bank statements and checks | One month to seven years, depending on whether your bank has them available online |
| Credit card statements and bills for non-deductible items | Shred immediately after the next statement arrives |
| Form W-2 Wage and Tax Statement | Until you start receiving Social Security benefits |
| Pay stubs | Until the end of the year |
| Insurance policies | Until they expire-except for liability policies with "occurrence" coverage |
| Receipts | |
| A) Day-to-day debit/credit | Shred after confirming the amount charged is correct |
| B) Big-ticket item | Keep with other purchase documentation for proof of value in case of loss or damage |
| C) Charitable donations | Store and keep for tax-filing purposes |