Table of Contents
When to Keep and When to Throw Away Financial Documents Receipts. How long to keep: Three years. Home Improvement Records. How long to keep: A minimum of three years, but as long as seven years. Medical Bills. Paycheck Stubs. Utility Bills. Credit Card Statements. Investment and Real Estate Records. Bank Statements.
What papers should I keep and for how long?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
What papers should I throw away?
What Documents Can I Throw Away—and When? Tax Returns. Old tax documents are probably the number one category of documents we’re asked about. Bank Statements. Explanation of Benefits (EOB) Forms. Medical Bills. Utility Bills. Paycheck Stubs. Credit Card Statements. Wills and Estate Planning Documents.
What paperwork do I actually need to keep?
The documents you need to keep forever Birth and death certificates. Social security cards. Pension plan documents. ID cards and passports. Green cards. Marriage license. Business license. Any insurance policy (good to keep even if the insurer provides access to a digital copy, just in case a problem ever arises).
What papers should I hold or toss?
What Financial Documents Should You Keep Forever? Birth certificates. Social Security cards. Marriage certificates. Adoption papers. Death certificates. Passports. Wills and living wills. Powers of attorney.
How long do you need to keep household bills?
While household bills and bank statements should be kept for at least two years, and insurance documents as long as they are valid.
What records need to be kept for 7 years?
KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
Is there any reason to keep old bank statements?
Keep them as long as needed to help with tax preparation or fraud/dispute resolution. And maintain files securely for at least seven years if you’ve used your statements to support information you’ve included in your tax return.
Is it safe to throw away old bank statements?
All they need is access to your old mail, credit cards, and debit cards. “Bank statements, credit card statements and other documents that contain your personal information should never be disposed of in an insecure manner,” says Debbie Guild, chief security officer at PNC Financial Services Group, Inc.
What is the most important document in US history?
The Declaration of Independence is one of the most important documents in the history of the United States.
Should you shred mail with your name and address?
Don’t just toss the junk mail in the trash bin; shred it. Given merely your name, address and a credit offer, someone malicious could take out a line of credit in your name and spend money, leaving you on the hook.
How long should I keep bills and bank statements?
Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.
What is the 4 most important US documents?
Located on the upper level of the National Archives museum, the Rotunda for the Charters of Freedom is the permanent home of the original Declaration of Independence, Constitution of the United States, and Bill of Rights.
Should I shred utility bills?
Credit card statements and utility bills are documents that should be high on anyone’s list for shredding. Bills of that nature tend to have very sensitive information. So once payment is confirmed and you no longer need to reference that bill, make sure the document is destroyed.
Do you need to keep old insurance documents?
Life insurance policies should be stored indefinitely and all other insurance documents should be stored safely for as long as the policies remain active.
Should I shred documents of a deceased person?
Once you sort through the deceased person’s papers and set aside the above documents, you may be left with a pile of papers. Generally, it is a good idea to shred documents that have any personal or financial information on them to lessen the risk of identity theft.
Should I keep old home insurance policies?
Home, auto and umbrella policies – Keep until you get your new policy. For auto insurance, most states accept electronic versions of your insurance card, but it may also be smart to keep a printed version in your glove compartment.
How long should you keep Cancelled checks?
Keep canceled checks for one year unless you need them for tax purposes. Refer to them when you reconcile your accounts each month so you know what has cleared. If your bank does not return your canceled checks, you can request a copy for up to five years.
How long do you keep tax returns after death?
The best advice is to keep them for seven years, along with any other tax documents.
How long do I keep 401k statements?
In general, 401k plan records must be kept for a period of not less than six years after the filing date of the IRS Form 5500 created from those records.
How long should you keep P60?
The P60 is an annual statement that shows all of the money you were paid in the tax year. It also shows the income tax paid and National Insurance contributions made during the same year. HMRC recommends that you keep your payslips and P60s for at least 22 months from the end of the tax year.
How long do banks keep records after account closed?
These programs mandate that banks obtain and retain checking and savings account customer data, including contact, identification and tax information. FDIC regulations stipulate that banks must keep this information for five years after the account is closed.
