Question:
Dear Nancy,
Is there a need to keep financial records forever?
Answer:
People often ask me,
You don’t need to keep the bank statements once you have reconciled the account. However, many of my clients are more comfortable keeping a year’s worth. Monthly mutual fund accounts, IRAs, and other investment statements do not need to be kept once the quarterly statement comes in, since it is a duplication of information. Likewise, once the annual statement arrives, you may shred the quarterly statements. You do need to keep statements showing when you purchase or sell shares, however. When in doubt, consult your accountant.
Nancy recently completed filming an episode of Hoarders: Buried Alive for Discovery Studios and TLC. If you would like to be notified when the episode will air, please send her an e-mail.
Nancy Nemitz, Create the Space Professional Organizing, is located in Red Mountain Ranch. There are lots of ways to keep in touch. Send an e-mail to createthespace.com; reach her on Twitter @NancyNemitz; and Nancy’s blog is nancyscocktailhour.blogspot.com. You can also call (480) 325-0994.