Your filing cabinets are bursting at the seams and there is still a pile of papers you have to find somewhere to store. You know you don’t need to save every document you have, but where should you start?
There are some documents you can keep for a year or less. Once they are older than a year, it’s time to send them straight to the shredder. These include your credit card bills, insurance policies, investment statements, pay stubs and any receipts you are not keeping for tax purposes.
You should keep some documents around for at least a year, but not much longer. These include furniture purchase documentation, any credentials for purchases of investments, loan documents, sales bonds and vehicle records.
Some documents have a longer shelf life. Papers such as tax returns and their supporting records should be saved for seven years. Benefit plans, estate plans, life insurance policies and safe-deposit box records should never be destroyed, but stored in a safe place. A locked file cabinet is recommended.
With these guidelines you should be able to properly track and store your documents and keep track of your most important records.
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