Get Organized! How to Maintain Your Personal Financial Files

image_pdfimage_print
 

7 Replies to “Get Organized! How to Maintain Your Personal Financial Files”

  1. It would be nice if tabulated and we just fill it upon need and keep it inour file, and update if necessary. Like an Excel file ?

     
  2. A good compilation of items.

    For a nominal cost, there are a number of software tools on the market to help manage archive records. Most important are the records for heirs – there are helpful tools for this also and are highly recommended. Not only do you want heirs to have this information, but they need current information, not something from prior years that may be in error. I would suggest one provide heirs with access codes and detailed instructions on how to get to these records.

    If you use a high degree of electronic archive, don’t forget backups, and backups of the backups. Online storage such as Google Drive, Onedrive, DropBox are simply not enough. Things happen.

     
  3. This is a very useful article. It would be nice if AAII Computer Investing could provide expanded guidance for storing files electronically, recommendations for data back up, maintaining and storing passwords and log in information that can be provided to spouses and heirs.

     
  4. Nice summary. I would be interested in your thoughts on a couple of specific questions regarding investment records to keep for taxes. I can see the need to keep records for taxable accounts for cap gain calculations. But what about records for these types of accounts:

    1) 401 K accounts? I have a lot of old statements for accounts that have been closed and the proceeds transferred. Any need to keep these records?

    2) Non-deductible IRA contributions? I have the 8606 tax forms for all the non deductible contributions to substantiate my basis. Is this sufficient or do I need to keep other records. If so what?

    3) Roth IRA Accounts – I have a lot of old statements for accounts that have been closed and the proceeds transferred. Any need to keep these records?

    Thanks

     

Leave a Reply

Your email address will not be published. Required fields are marked *