The recent addition of the instance retention is helpful.
In many cases it's probably helpful to hang on to the instance data for a reasonable period of time after the instance wraps up, should there be a need to go back and validate particular details.
I think this can be as simple as adding an additional "Delayed deletion" option in addition to the existing "Never" and "On Completion" options.
If you select "Delayed" it could have a few presets (1, 3, 6, 9, 12 months) or just a free text box for number of days to retain (e.g. up to 365 or something).