Keep these financial documents in a box or file cabinet at home:
- The last 7 years of your tax returns (state and federal)
With each year’s tax return, keep:
- W-2 forms
- Income statements from your bank and mutual funds (called a 1099)
- Canceled checks for deductible expenditures.
- Bank statements and canceled checks for 3 years
- Insurance policies, including car, health, life, rental and/or homeowners insurance
- Pension plan or retirement plan statements
- Mutual fund or other investment annual statements
- An inventory of the things you own, or at least records of major purchases
- Password list for important accounts (store in a secure location)
- Inventory list of items in your safety deposit box or locked box (see below)
- List of bank/credit union, and credit card accounts
- Loan Statements and payment books
Keep these in a safety deposit box or a locked fireproof box:
- The deed to your home or other property you own
- The title to your car
- Birth, marriage and death certificates, passports and Social Security Cards
- Divorce and property settlement papers
- The original copy of your will, with another copy at home
- Leases
- Stocks and bonds (if you own the original certificates)
- Military discharge papers
- Powers of attorney/Advance directives
What to Toss/Shred:
- Canceled checks or nondeductible expenses, after 3 years
- Expired warranties
- Pay stubs, after reconciling W2
- Bank statements – after 1 year, unless needed to support tax filing
- Investment Statements – shred monthly statements; keep annual statements until you sell the investments
