Document Retention Length Recommendations

Thursday, April 16, 2015 at 1:30PM
Telos Wealth Management

Keep for 1–3 Months

• Utility bills
• Sales receipts for minor purchases
• ATM and bank deposit slips

Keep for 1 Year

• Checkbook ledgers
• Paycheck stubs
• Monthly mortgage statements
• Expired insurance records

Keep for 7 Years

• Bank statements
• W-2 and 1099 forms
• Receipts for tax purposes
• Cancelled checks
• Disability records
• Unemployment income stubs
• Medical bills/claims

Keep Indefinitely

• Annual tax returns
• Deeds, mortgages, and bills of sale
• Year-end statements for investments
• Legal documents (birth certificates, marriage license, divorce papers, passports, etc.)
• Home improvement documentation and receipts
• Receipts for major purchases—for warranty and insurance purposes
• Wills
• Living wills
• Power of attorney designation
• Medical and burial instructions
• Beneficiary directions
• Real estate certificates
• Automobile titles
• Current insurance policies
• Medical records
• Education records
• Pension plan records
• Retirement plan records

Shred/Trash

• Paycheck stubs after reconciling with W-2 form
• Expired warranties
• Coupons after expiration date

Article originally appeared on Telos Wealth Management (https://www.teloswealth.com/).