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 |