I've been asked to save events for as long as possible and was wondering what storage options do I have for this effort? Also, in case of that data needed to be reported on how do I make it available in a faster way?
You should consider using the Purge and Archive capability...
See this section of the documentation.
This allows you to keep x days/weeks/month of data "live" and then automatically move it off to an archive database for longer term storage.
When you Archive you will always have the ability to connect to the archive to search for forensic data.