Retention Guide

I am not an accounting or legal expert; but here are a few guidelines. I always recommend you consult your expert!

Things to keep short term (1-3 years)

• Credit card statements

• Medical bills

• Utility records

• Expired insurance policies

Things to keep long term (4-7 years)

• Supporting documents for tax returns

• Accident reports and claims

• Medical bills (if tax-related)

• Sales receipts

• Wage garnishments

• Other tax-related bills

Lifetime documents

• Audit reports

• Legal records

• Important correspondence

• Income tax returns

• Income tax payment checks

• Property records / improvement receipts (or six years after property sold)

• Investment trade confirmations

• Retirement and pension records

Lifetime documents

• Car Records (keep until the car is sold)

• Credit Card Receipts (keep until verified on your statement)

• Insurance Policies (keep for the life of the policy)

• Mortgages / Deeds / Leases (keep 6 years beyond the agreement)

• Pay Stubs (keep until reconciled with your W-2)

• Sales Receipts (keep for the life of the warranty)

• Stock and Bond Records (keep for 6 years beyond selling)

• Warranties and Instructions (keep for the life of the product)

• Other Bills (keep until payment is verified)

• Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)