Broker Check

Financial Records Safe-Keeping

February 06, 2020
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Hi everyone! Today we’ll be going over a very important, but sometimes forgotten topic; organizing your financial records.

Many people struggle when they open their email or mail. They ask themselves, “Should I keep it? Do I need this? Is this important? Should I just toss it in the trash?”

That’s why we follow the three, seven, and forever rule.

Keep the following for three years:

  • Household bills
  • Credit card statements
  • Receipts for minor purchases

Keep the following for seven years:

  • Canceled checks
  • Check registers
  • Bank statements
  • Tax returns and supporting documentation

And now, here’s what to make sure to keep forever:

  • Receipts for home improvements
  • Receipts for major purchases
  • Annual investment statements
  • Gift tax returns
  • Inheritance papers
  • Insurance policies
  • IRA statements
  • Mutual funds statements
  • And finally, a copy of your will

 

Join me next time for a discussion on where to keep these important documents!

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.