- Keep tax records (W2 forms, canceled checks for deductible items, 1099 forms etc) for 7 years. (Three years for regular audits, but it's better to be on the save side.)
- Keep investment records until you sell the security, plus seven years.
- Keep retirement records forever.
- Keep home improvement records until you sell your house, plus seven years
- Keep bank statements seven years (to support your tax records)
- Keep personal bills until you have proof of payment
In addition, I keep electronic copies of my statements and bils on a external hard drive and on a CD-RW.