The word "actions" can mean several things at the moment in the Force.com platform, but I'll take this question to be focused on the retention of actual logged changes made for a given record.
Currently the retention policy for field history is permanent. But this is likely to change in the future.
The first attempt at controlling retention of field history took place about a year ago, where field history was intended to be kept for 18 months. This blanket policy proved too inflexible for many salesforce.com customers, and so the move to implement this was reversed until a more flexible process could be defined.
In Winter 14 a pilot program to allow customers to define specific retention policy for field history changes was begun and is continuing today as per the release notes of Summer 14.
In the Summer 14 release notes the following is stated about this pilot program:
As the first part of a larger data life cycle management initiative, salesforce.com is continuing the pilot that began in Winter '14. Use the Salesforce Metadata API to define a retention policy for your field history. Then use the REST API, SOAP API, and Tooling API to work with your archived data.
There is also a link provided for the pilot implementation guide for any customers who would like to learn more about the pilot.