Financial Fitness with Alan Akina - Long-term Record Keeping

12 May 2011 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube clip titled "Financial Fitness with Alan Akina - Long-term Record Keeping" (Wake Up Today segment) recorded May 12, 2011. It is a short financial advice segment featuring Alan Akina (presenter, Speaker B) and a host/interviewer (Speaker A). Alan discusses what financial documents to keep for three years, which to keep while active, and which to retain permanently, notes the IRS allows electronic records, and directs viewers to a downloadable worksheet on KHON2.com.

Alan Akina has more in this week's financial fitness tip.
Good morning, everyone. Last week we talked about which financial documents you need to keep for the short term. Today we'll cover the important documents you need to keep for the long term. Now, as a side note, the IRS does allow you to keep your financial documents in electronic format. So here's what you should keep for 3 years: records of selling a house, records of selling stocks or bonds, The family medical bills, canceled insurance policies, and records of paid-off loans like the car loan or student loan. Tax returns should be kept for 3 years, but personally, I would keep them permanently. Now here's what you need to keep while still active. Things such as contracts, insurance documents, stock certificates, and property records, pension and retirement plans, as well as home improvement records. Now these should be kept permanently: paid-off mortgages, marriage licenses, birth certificates, wills and trusts, adoption papers, death certificates, and court judgments or rulings. And I hope you're able to memorize all this. If not, I have a worksheet that you can download for free on the Wake Up Today webpage at KHON2.com. For Wake Up Today, I'm Alan Akina. See you on Thursday.
Thank you, Alan. Good morning, everyone.