Final answer:
Most people should save financial records for a minimum of three years, but important records should be kept for up to seven years.
Step-by-step explanation:
According to financial experts, most people should save their financial records for a minimum of three years. This is recommended in case of any potential audits or disputes with the IRS. However, for important records like tax returns, investment statements, and records related to property or business transactions, it is advisable to keep them for a longer period, typically up to seven years. This ensures that you have the necessary documentation in case of any future inquiries or legal requirements.