Get Financially Organized in 2012

Ever feel like that paper clutter is getting the best of you? Before tossing out bank statements and receipts, however, make sure you know which financial records to keep. Here’s a checklist:

Keep these records for a calendar year:

• Pay stubs

• Social Security benefits statements

• Bank statements

• Statement for investment accounts

• 401(k) plans

Keep these until you reconcile your account:

• Bank deposit slips

• Credit card receipts and statements

• Monthly bills

Keep these for 7 years:

• Tax returns plus documents to prove expenses

• Bank statements needed to prove deductions

Keep these forever:

• IRA contributions

• Employer-defined benefit plan communications

• Life insurance policies

• Statements showing sales of investments (gains/losses)

• Savings bonds

• Loans

• Home improvement receipts

• Inventory of safe deposit box

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