Determining how long to keep financial records depends on several factors, including the record type and whether it’s for personal or business documentation. Whether you’re keeping the record for one month or 10 years, record-keeping best practices dictate you should store documents electronically (go paperless when you can), and always backup your files by saving them in the cloud. Here are various lengths of time you may want to keep records for:
• 1 month
• 1-3 years
• 7+ years
• forever