Financial Data: What to Shred, What to Stash
By Jill Schlesinger | Sep 6, 2011
Drowning in financial data and statements? You’re not alone — in fact one of the most frequently-asked questions I field is “how long do I have to keep (fill in the blank)?”
In honor of the back-to-school season, where organization takes center-stage, grab that shredder and get ready for the big purge!
WHAT TO TOSS AND WHEN
Bank Statements: 1 year (toss the ATM statements after you make sure that the transaction is accounted for on the bank statement)
Credit Card bills: Shred after payment, unless you need for taxes
Retirement Accounts (401(k), 403 (b), 457, IRA, Roth, etc): Shred as new ones arrive
Brokerage and Mutual Fund Accounts: Shred as new ones arrive, but since these are TAXABLE accounts, you should keep annual statements until the sale of each asset within the accounts
Investment purchase confirmations/1099s: keep until you sell, then keep for subsequent 7 years
Tax Returns/Supporting Documents: Keep for 7 years
KEEP FOR AS LONG AS YOU OWN THE FOLLOWING ASSETS:
Appliance Warranties
Vehicle Titles
Vehicle Loan Documents
Auto Insurance Policy
House Deeds
Mortgage Documents
Homeowners Insurance Policy
Disability Insurance Policies (keep as long as in-force)
KEEP FOREVER (IN A VERY SAFE PLACE!)
Birth/Death certificates & Social Security cards
Marriage Licenses and Divorce Decrees
Pension plan documents
Safe-deposit box inventory
Life Insurance policies
Copies of wills, trusts, health care proxies/living wills and powers of attorney (attorney/executor should have copies)
My Thoughts
I'm so happy I saw this article. Useful. Very useful indeed. I'm raring to go and attack my paper files. I want o be personally 70% paperless by the end of this year. Good luck to me. My closet organizing will have to take a backseat in the meantime.
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