Optimal Finance Daily - Financial Independence and Money Advice 3257: How Long Should You Keep Your Financial Statements? by Jeff Rose of Good Financial Cents
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Aug 23, 2025 Learn how to effectively organize your financial documents, from tax returns to brokerage statements. Discover the ideal retention periods for various records and why some, like tax returns, should be kept indefinitely. Gain insights into secure disposal methods to prevent identity theft while decluttering your life. Embrace digital solutions like e-statements and Google Drive, but don't forget essential security measures like two-factor authentication. Streamline your financial management for peace of mind!
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Clients Overwhelmed By Paperwork
- Jeff Rose describes how new clients get overwhelmed by the pile of introductory paperwork.
- He emphasizes organization and a good filing system to improve investment tracking.
Keep Annual Brokerage Statements
- Toss old brokerage statements after you receive the new one unless you need the historical paper copy.
- Keep the December/annual brokerage statement for tax and tracking purposes.
Save Key Retirement Forms
- Treat IRA and 401(k) statements like brokerages and retain the annual statement only.
- Also keep Form 8606, Form 5498, and Form 1099-R for IRAs and 401(k)s.