The View From The Pinnacle
Ever wonder what you should keep or what you can toss? Let’s discuss your important financial documents and how long you need them.
Click the timestamps below to fast forward to certain points of the episode.
Thing’s You’ll Learn Along Today’s Journey
What kind of important documents do you really need? On today’s episode of the podcast, Sean talks through important financial documents you should have.
When it comes to your taxes, you should keep at least three years of state and federal tax returns along with supporting documentation on file. Things like your W-2, 1099, and year end statements from your bank should all be included. But if you’ve had to do an amendment or claim a loss? From Medicaid to Medicare to HSA documents, what do you need when it comes to healthcare?
Sean shares what else you need and where to keep them. Other legal documents you might need include your marriage certificate, passport, military discharge papers, and your mortgage. Consider where to store them in case something happens to you. You may want both physical copies and digital ones.
Your estate planning documents need to be easily accessed by the people who need it should the worst happen to you. Your will and trust, powers of attorney, and health directives may be helpful to have electronically as well as in paper copies to get to quicker.
If you have assets or debt, what documents do you need to keep? Since so much of it is electronic, what do you need to have and for how long? What kind of retirement account data do you want to track?
If you’re a business owner, you may have even more documents to keep on file. Sean lists some of the most important ones to remember to have handy and easy to find. If you have employees, you’ll also need to have records for their payroll.
Listen to the entire episode or skip ahead using the timestamps below.
0:26 – Sean’s enjoying summer time.
1:11 – What tax documents should you keep on file?
2:59 – What healthcare documents do you need?
5:20 – What other legal documents do you need to keep?
7:34 – What asset or debt related documents do you have?
9:25 – What do business owners need to keep?
11:13 – What about your mortgage?
Free Downloads Related to Today’s Show
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What Documents Do I Need to Keep on File
Looking Back From The Mountaintop
“We keep hard copies of everything in a safe but everything is also in our encrypted portal for our families.”
Resources From Today’s Podcast
Sean P. Lee – Contact