Retention schedule
A documented statement of how long each category of record is kept before disposal.
It balances legal requirements to keep records against the risk and cost of holding data forever. Data you no longer hold cannot be breached, subpoenaed, or migrated.
The schedule needs to be enforced by a system rather than by intention, otherwise the practical retention period becomes forever by default.
Where this comes up
Retention schedule sits inside our compliance and frameworks work. If you are trying to work out what this means for your own environment rather than in the abstract, that is the page worth reading next, and a short call will get you a straight answer faster than either.