How long should you keep personal financial records like bank statements, receipts, tax statements, etc.?
This answer is for anyone who has ever had an overstuffed filing cabinet, a desk stacked with bills, or a “special” drawer in which you can find phone bills from 1988. We searched on a few of the key terms in the question — “receipts, how, long, keep” — and quickly found a couple of web sites that offered sound advice for getting rid of the mess. Our first stop was a web page from Bankrate.com with the perfect title: “What financial records to keep and how long to keep them.” The information is laid out in an easy-to-read table format. Here’s a quick overview — for details, check out the web page. • Taxes — Seven years. The IRS has three years from your filing date to audit your return if it suspects good faith errors, and six years if it thinks you underreported your gross income by 25 percent or more. • IRA contributions — Permanently. • Retirement/Savings plan statements — From one year to permanently. Keep the q
