MoneyWatch with Jill Schlesinger Spring Cleaning for Your Finances
8 snips
Mar 29, 2026 Practical tips for using spring and tax season to tidy up your money life. How long to keep tax returns, bank and investment statements, and which records to digitize and keep forever. Advice on consolidating retirement and 529 accounts and trimming subscriptions and phone plans. Guidance on reviewing insurance, shredding old mortgage paperwork, and dealing with sentimental estate documents.
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Keep Tax Records For Six Years
- Keep tax returns and supporting documentation for six years because the IRS can audit and extend lookbacks for substantial errors.
- If records are older than six years, shred them to protect personal data and reduce clutter.
Keep Bank Statements 12 Months Or Five For Medicaid
- Keep bank and investment statements for 12 months unless you need them for taxes; most institutions keep online copies at least that long.
- If you might claim Medicaid or face a Medicaid lookback, retain statements for five years instead.
Digitize And Safeguard Vital Documents
- Store vital documents like birth certificates, Social Security cards, marriage licenses, divorce decrees, military discharges, and estate documents permanently.
- Digitize copies to the cloud and keep physical originals in a fireproof safe or safe deposit box.