Q&A: âWhat specialized equipment do your inspectors use?â By Reuben Saltzman In Home Inspection Tools, NEW, Tools On February 9, 2016 This hardly seems like a frequently asked question to me, but our office manager, Lisa, was very happy to find a document in our company files titled âEquipment Listâ.
Keep for seven years If you fail to report more than 25 percent of your gross income on your tax returns, the government has six years to collect the tax or start legal proceedings. So when it comes to determining how long to keep tax recordsâelectronic and paperâ we recommend seven years, just in case. Keep forever Essential records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
Letâs say that $30,000 is your spending maximum per year. If youâre 30, and planning for retirement, youâll have 35 years to build a nest egg if you want to retire at 65. With that dollar figure in mind, youâll need to save $20,000 per year, which will net you $700,000 at retirement time.