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Hi Ravi,
There are few best practices we have to follow based on the content, volume and rate of growth for those contents. If you are planning for SharePoint 2016 then there are some new features available for list and libraries for improving performance. The below link has more details about the performance issues and solutions.
http://happy4coding.blogspot.com/2017/05/performance-issues-and-solutions-for.html
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Hope these below links will help you to implement the retention policy for documents.
https://blogs.msdn.microsoft.com/ecm/2011/10/12/policy-and-retention-in-sharepoint-server-2010/
https://www.avepoint.com/blog/avepoint-blog/office-365-protection-automated-records-retention-3-steps/
http://aspetraining.com/resources/blog/how-to-implement-information-management-policies-sharepoint-2013-%E2%80%93-part-2-of-2
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thanks admin, it is a great article. I have a website in mind that is worth noting. Have a look at this www.thecompletebatrainer.com