In a digital age, it’s becoming easier to do away with the paperwork that accumulates through a lifetime.
Still, the piles seem to grow each time you look away.
We can’t tell you how to sort through the adorable artwork you’ve collected from children and grandchildren over the years, but we can help you navigate those ubiquitous stacks of financial forms.
We’ve developed a quick-look chart to help sort, preserve and/or discard various financial items.
If you don’t want to keep the paper receipts, you could scan them and store them in an external hard drive, or secure on-line file sharing service. Just make sure your passwords are also stored securely but can be accessed by your Power of Attorney should you become indisposed.
As an additional convenience and to reduce the paperwork further, we recommend choosing on-line access to your accounts when possible.
If you have any questions about how to dispose of your financial paperwork, please feel free to give us a call. We’ll help spring clean your paperwork, but you’re on your own when it comes to washing those windows.
| Type of Document | How Long to Keep It | Where to Store It |
| Bank and brokerage statements; cancelled checks | At least 1 year, longer if expenses are deductible | Filing cabinet |
| Social security card; birth and marriage certificates; passport | Indefinitely | Fireproof box or safe-deposit box |
| Current insurance policies | Indefinitely (toss outdated policies) | Safe-deposit box or fireproof box |
| Stock and bond certificates | Indefinitely | Safe-deposit box (keep a list of these items in a fireproof box) |
| ATM receipts | Until transaction is posted to statement | Filing cabinet |
| Tax returns | At least seven years | Filing cabinet |
| Mortgage paperwork | At least until paid off | Fireproof box |
| Loan paperwork | At least until paid off | Filing cabinet |
| Property deeds | Indefinitely | Safe-deposit box |
| Car titles | As long as you own the car | Safe-deposit box |
| Credit card statements | One year (longer if charges are deductible) | Filing cabinet |
| Wills and other estate planning documents | Indefinitely | File with attorney or keep in safe-deposit box |
| Service agreements and warranties | For the life of the contract | Filing cabinet |
| Receipts for large purchases/home improvements | Indefinitely | Filing cabinet or with home inventory |
| Documentation for expensive art and collectibles | Indefinitely | Safe-deposit box (copy with home inventory) |
| General household and utility bills | Two months (keep longer if they are deductible on tax returns) | Filing cabinet |
| Pay stubs | Through end of year until W-2 form or annual statement arrives | Filing cabinet |