Storing Your Financial Documents
Part of cleaning your financial house might include actual cleaning, especially when it comes to financial documents. If you have held on to every receipt and paystub for decades, it’s time to break out the shredder. Here is exactly how long you should hold on to all types of financial documents, according to the Financial Industry Regulatory Authority, Inc.
Here is exactly how long you should hold on to all types of financial documents:
Document Type
How Long you Should Keep It
Tax Documents
7 Years
Property Records
At least 6 years after you sell your home
Mortgages and other Loans
Indefinitely
Bank account Records
1 year especially if you can access them online
Paycheck Stubs
1 year
Brokerage Statements
1 year; 7 if you make a tax claim
Bills
As soon as payment clears.
For large purchases, as long as you have the item.