Resources / Your own affairs
Which documents to keep, and what you can shred
Not everything needs saving, and not everything is safe to toss. Sort your paperwork by how long it actually needs to stay.
Keep forever
- Birth, marriage, and death certificates
- Social Security cards
- Wills, trusts, and power of attorney
- Property deeds and vehicle titles
- Military and citizenship records
Keep about seven years
- Tax returns and their backup
- Records supporting deductions
- Investment records (until sold, plus seven)
- Business receipts
Keep about a year
- Pay stubs (until the W-2 matches)
- Bank and credit card statements
- Medical bills (until paid and settled)
- Utility bills
Safe to shred
- Old statements past the windows above
- Receipts for minor everyday items
- Expired warranties and old insurance quotes
- ATM and deposit slips once reconciled
- Preapproved credit offers
Shred, do not just bin it. Anything with an account number, a Social Security number, or a signature should be shredded, not thrown away whole.
Going digital counts as keeping. A clear scan is fine for most records. Keep the paper original only for the keep-forever group.
Printed and kept where you will see it, this does its job. If you would rather it live somewhere your whole family can reach, that is what MyLifePapers is for.
Common questions
How long should I really keep tax returns?
A common rule is seven years, which covers the periods the IRS can usually go back to question a return. Keep the returns themselves and anything that supports income or deductions. When in doubt, keeping the return longer is harmless; it is the bulky backup you can shred after seven.