Secure Documents: What to Keep and How Long
Over the years, the number of essential documents in your possession often stacks up. The accumulation of documents can make it increasingly challenging to determine which documents should be kept secure and for how long. Outlined below is a list of several documents that are vital to keep safe and secure, along with a rough timeline for their retention.
Forever Documents:
- Birth Certificates
- Marriage and Divorce Records
- Social Security Cards
- Loan Payoff Statements
- Retirement/Pension Records
- Estate Documents
- Military Service Records
- Death Certificates
- Loan Documents
- Loan Statements and Documents should be kept until the loan is paid off, at which point you should keep the Loan Payoff Statement
- Vehicle Titles
- Titles should be held for as long as you own the vehicle
- Home Improvement Purchase Receipts
- Proof of all home improvements should be kept until you sell the home
- Investment Statements
Three to Seven Years:
- Tax Records
- Medical Bills
One Year:
- Credit Card Statements
While keeping physical and/or original copies of these documents is beneficial, it is also wise to scan important documents and store them digitally on a secure device. For monthly, quarterly, or annual statements, options are often made available for electronic statement delivery. This can expedite the record-keeping process and prevent potential fraud in the event that one of your statements is lost or stolen. Always remember to keep your accounts updated in the event you change your email, phone number, home address, etc., to ensure no documents are delivered to the wrong place.
Source: The Washington Post
