There’s a fine line between keeping financial records for a reasonable period of time and becoming a pack rat. A general rule of thumb is to keep financial records only as long as necessary. For example, you may want to keep ATM receipts only temporarily, until you’ve reconciled them with your bank statement. But if a document provides legal support and/or is hard to replace, you’ll want to keep it for a longer period or even indefinitely. It’s ultimately up to you to determine which records you should keep on hand and for how long, but here’s a suggested timetable for some common documents.
|One year or less||More than one year||Indefinitely|
|Bank or credit union statements||Tax returns and documentation*||Birth, death, and marriage certificates|
|Credit card statements||Mortgage contracts and documentation||Adoption papers|
|Utility bills||Property appraisals||Citizenship papers|
|Annual insurance policies||Annual retirement and investment statements||Military discharge papers|
|Paycheck stubs||Receipts for major purchases and home improvements||Social Security card|
*The IRS requires taxpayers to keep records that support income, deductions, and credits shown on their income tax returns until the period of limitations for that return runs out-generally three to seven years, depending on the circumstances. Visit irs.gov or consult your tax professional for information related to your specific situation.
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This information is provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of this information. The information presented here is not specific to any individual’s personal circumstances and may change at any time and without notice. Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional, information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.