All that is written above is true. BRC and IFS are requiring at least shelf life + 12 months. MSC/ASC (if you are in fish) required 3 years.
The retention time of records should be such that you:
1) can perform verifications of the processes
2) find the records to check the process if this is requested (complaints, recalls, authorities etc).
ad 1) 2 years will be fine
ad 2) You herefore need to consider your product, shelf life and intended use of your products. Also shelf life of raw materials. I will explain.
If, for example you are making frozen meatballs (cooked) with a shelf life of 18 months. For BRC and IFS 18 months + 12 months is correct retention time.
Now, let's say you now that your customers are further producers of which A is using your product in a 'fresh' ready to eat meal with 4 weeks shelf life, B for a frozen ready to eat meal with 12 months shelf life and Cis using it in cans of soup with 24 months shelf life.
Your product (as intermediate in the above finished products) will than be on the market for 18 months (your own shelf life) + 24 months (shelf life of customer). As long as it is on the market authorities can do tests on the product, non-conformities (contaminations) can be found and complaints can be received.
Imagine that raw materials you use include dry spices (shelf life 24 months), fresh meat (shelf life 5 days) and frozen meat (shelf life 12 months). Incoming good inspections on raw materials include, temperature, visual aspects, packaging, etc. and for some raw material microbiological and chemical analyses. It is than possible you use the raw material on end of shelf life. So questions can come 12 months (shelf life raw materials) + 18 months (shelf life finished product/intermediate) + 24 months (shelf life customer) after you received the raw material.
I am not saying you should keep your records for 5 years or longer, but I am saying you should consider the above when establishing the retention time. For some records, analyse reports, CCPs, you might want a longer retention time that others, e.g. cleaning documents, line clearance.
Also consider the retention time you ask from your suppliers. Companies normally ask the same retention time from their suppliers as they handle themselves.
If you are in fresh products with a short shelf life, don't bother about the things I wrote.