Spring Clean-up! Organizing your Financial Documents



As the record-breaking cold and incredible amounts of snow fade to distant memory, we can turn our attention to enjoying our spring. Winter did not go down without a fight, but living in Flint, MI allows us to fully experience each season. As the sweet breath of living things returns, we ponder what fertilizer we need for the yard and what to plant in the garden this year. Many of us want to find our golf clubs, attack spring cleaning and start working on some long overdue projects.

As a Certified Financial Planner, working through spring cleaning with clients has a different look. The tax due date looms, 1099 forms need to be gathered, and documents piled up from the past year need to be sorted and organized. One of the most common questions clients askby remains, “How long do I need to keep various documents?” Although not an expert in document storage, there are a few general “rules of thumb.” Listed below are some guidelines that may be beneficial as you organize.

I would also recommend some additional organizational steps and safeguards. If possible, scan your documents into a readable digital format and then store them on your computer or on a separate hard drive. If that’s not an option, make copies of your most important documents, place them in sealable bags and invest in a safe deposit box for storage.

I hope these suggestions have encouraged you or provided guidance as you seek to tidy that pile of paperwork. Putting things in order sometimes appears to make more of a mess, so as you systematize your files, be sure to properly and safely discard sensitive paperwork. As you work through your “spring cleaning,” if you find you have questions about financial planning for your future, feel free to give OLV Investment Group a call.


Length of time to keep

Vehicle Title Until sold or discarded
Loan Document Until paid in full
Mortgage Statement Until property is sold
Credit Card Record Until paid in full, unless needed for taxes
Social Security Statement One year
Monthly Investment Statement One year
Reconciled Bank Statement One year
*State & Federal Income Tax Return Seven years
Annual Investment Statement Seven years
Birth Certificate Forever
Social Security Card Forever
Passport Forever
Marriage/Divorce Paper Forever
Wills and/or Trust Document Forever
Insurance Policy (update household inventory annually) Forever
Pension/Retirement Plan Record Forever
Medical Record Forever
Education Record Forever
*Also keep supporting documents including W-2 and 1099 forms, charitable
contribution & tax deduction receipts, and real estate records.


800.338.4586 olvinvest.com The Durant 607 E 2nd Ave., Ste. 100 Flint, MI 48502 jlagore@olvinvest.com Securities offered through Sigma Financial Corporation, member FINRA/SIPC. Investment advisory services offered through SPC, a registered investment advisor. OLV Investment Group is independent of Sigma Financial Corporation and SPC.


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