Good recordkeeping is essential to making your financial life easier and can save you money and time in the long run. But how long should you keep all those documents, receipts, and pay stubs? Some original documents should be kept forever, such as your birth certificate and Social Security card, while others—like bank statements and canceled checks—can be shredded after seven years. Other types of records have more unique retention guidelines.
The idea of sorting through a large collection of documents can be daunting. To make the process easier, we’ve identified some of the most commonly questioned records and created a handy chart for you to download and print.
Here are a few recommendations.
Household Records
Hard-to-replace items such as birth and death certificates, custody agreements, and licenses to practice, among others, should be retained permanently. We recommend you store them in a fireproof or indestructible safe deposit box to guarantee their protection. Generally, financial documents should be saved for seven years if needed for tax purposes. Insurance information should be kept until it expires or is no longer needed. Meanwhile, credit card statements or pay stubs have a much shorter retention period, unless they are needed for business or tax purposes.
Small-Business Records
The majority of small-business records should be kept for seven years—all documents that prove income, purchases and expenses, travel, and other items that you might deduct on your taxes. All records of employment should be kept for at least four years. Keep in mind that some business records need a permanent file. Many industries set their own standards, so be sure to check specific policies for your business or industry. When in doubt, retain the records in question.
When it comes to prudent record retention, organization is key. If you have questions, contact a financial professional for further guidance.
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D.A. Davidson & Co. is a registered broker-dealer and registered investment adviser that does not provide tax or legal advice. Information contained herein has been obtained by sources we consider reliable but is not guaranteed and we are not soliciting any action based upon it. Any opinions expressed are based on our interpretation of the data available to us at the time of the original article. These opinions are subject to change at any time without notice. Copyright D.A. Davidson & Co., 2026. All rights reserved. Member FINRA and SIPC.