Important papers how long to keep

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That may mean keeping one copy in your cloud storage and another on a hard drive. It could also mean keeping one copy in your electronic filing and one hard copy in a fireproof safe. A number of documents should be stored forever.

These are the most important that you may need at any time in the future for a variety of reasons. Ensuring that they're kept in a safe place and that a copy is secure will save you a lot of time when they're needed. Imagine having a lifetime's worth of bank statements and bills piled up on your desk. After even just a decade, that stack would likely be outrageously big. There are many types of documents—mostly financial—that you should keep for a certain period of time, but don't need to store forever.

You may need to reference them monthly or weekly for a while, then they just become another piece of paper lying around creating clutter. The tricky part is knowing when you can get rid of these types of records. There's no good answer for everything, but recommended guidelines based on what it is:.

Shredding documents is the main way to protect yourself from identity theft. As a general rule, there are certain documents that absolutely should be shred. This includes anything that has account numbers, birth dates, maiden names, passwords and PINs, signatures, and Social Security numbers.

If documents are still "active"—you need to hold onto them for reference—place them in your home filing system by topic. Only shred them once they are no longer in use.

When you're done with these documents and no longer need them, feel free to shred them:. Everything else—such as paperwork—you can just recycle. Make sure to have a flexible filing system set up so you can keep these documents in check. It's also a good idea to get in the habit of going through your stored documents on a regular basis. Try to do this when paying bills, filing your taxes, or taking care of a similar recurring task so you don't forget and your paperwork gets out of hand.

Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. You can easily access your paperless statements and documents online and keep them safely stored there. Bank of America clients can easily manage paperless statements and documents using Mobile and Online banking. Depending on your filing circumstances, the IRS may be able to ask you for supporting documentation for three to seven years after you file a return.

Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W—2 and , bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years. You should also hold on to pay stubs so that you can use them to verify the accuracy of your Form W-2 when tax season arrives.

Otherwise, you can dispose of them as soon as you verify your payment was processed. You can also dispose of bank withdrawal and deposit slips after verifying them with your monthly statement. For physical documents, designate a safe, out-of-the-way place in your home to store all paper records that protects them from damage or theft. For digital records, be sure to archive and back up all electronic records.

Use complex passwords to keep your account information safe. Make sure your username and password combination is different from the ones you use for personal email, online merchants and social media accounts. Protecting your computer with antivirus software is also a good idea.

Invest in a cross-cut shredder that will eliminate all traces of your personal information, or search for free shredding events in your community. Having paperless statements and documents can help reduce the risk of identity theft posed by lost or stolen mail.

The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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