Sunday, September 16, 2012

How Long To Keep Paperwork

Another question I'm asked frequently is, "how long do I keep paperwork?" Well I've done the research for you and here's a quick and simple guide:

Keep Forever
ü  Adoption Papers
ü  Birth/Death Certificates
ü  Contracts *
ü  Divorce Decree
ü  Education Records
ü  Immunization Records
ü  Life Insurance
ü  Living Wills
ü  Marriage License
ü  Military Service (DD-214)
ü  Passports **
ü  Power of Attorney
ü  Real Estate Records
ü  Retirement Investment Paperwork
ü  Social Security Cards
ü  Tax Returns
ü  Trust Paperwork
ü  W-2’s
ü  Wills *

*Until Updated
**Passports must be renewed every 10 years (5 years for children under age 15)

7 Years
ü  Cancelled Checks
ü  Tax Return Documentation
1-2 Years
ü  Pay Stubs
ü  Retirement Plan Statements
Until New One Arrives
ü  Bank Statements
ü  Investment Records
ü  Social Security Statement
ü  Utility Bills
Until Paid Off or Sold
ü  Auto Loan Statements
ü  Mortgage Statements
ü  Student Loan Statements
As Long As You Own
ü  Appliance/Electronics Manuals
ü  Receipts for Large Purchases
ü  Service Contracts
ü  Vehicle Title
ü  Warranties
Remember to SHRED any documents that you are discarding.

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