How Long Should You Keep Your Financial Documents?

quarter.jpgHow many years' worth of financial documents do you have stored in your closet? Perhaps you're storing way too much. Perhaps you don't have nearly enough. Kiplinger has a timely article that recommends that should keep your tax returns forever. However, you don't need to be a packrat. Supporting documents, such as old receipts, can be tossed. Home improvement documents should be kept for as long as you own your house. And if you're investing, you only need to hold onto monthly statements after your year-end statements arrive as long as everything matches up. We touched upon financial document storage advice before, but it's the perfect time of year to start going through old papers especially as newer documents accumulate.

How long do you store your documents, and how do you decide which to toss? Let's hear your thoughts in the comments.


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