Paperwork: Keep or Shred?
By: Joseph Hearn; Source: AARP Bulletin Date Posted: 2007-04-11 14:15:00-04:00
Most paperwork—even files associated with our retirement savings or taxes—outlives its usefulness pretty quickly. So pull up a chair, fire up the shredder and let's look at what you need to keep and what you can get rid of:
Keep Forever
Social Security cards
birth certificates
adoption papers
marriage licenses
mortgage paperwork
deeds
automobile titles (at least until you move or replace your car)
wills and estate-planning documents
Keep for Seven Years
tax records, including returns and any supporting documentation like cancelled checks, receipts or credit card statements. Many banks and credit card companies now maintain your historical statements online, so you may be able to avoid keeping paper copies.
Keep for One Year
monthly investment statements. Consider keeping your December statement on file if it summarizes the year's activity, but feel free to shred statements for the previous 11 months.
bills
credit card statements (if not tied to your tax returns)
receipts that you are not using as supporting documentation for your taxes
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