| Document |
Retention Period |
| Bank statements and cancelled checks |
Keep one year unless needed for tax records |
| Charitable contributions |
Keep with applicable tax returns |
| Credit card purchase receipts |
Discard after purchase appears on credit card
statement if not needed for warranties, returns, or taxes
|
| Credit card statements |
Discard after payment appears on next statement |
| Employee business expense records |
Keep with applicable tax returns |
| Income tax returns and records |
Keep permanently |
| Investment annual statements and 1099s |
Keep with applicable tax returns |
| Investment sale and purchase confirmation records |
Discard sale confirmation records when correctly reflected on
monthly statement. Keep purchase confirmation records three
to six years after investment is sold as evidence of cost.
|
| Insurance policies (health, home, property) |
Keep health policies until policy expires. Keep home and property insurance polices permanently. |
| Life insurance |
Keep until there is no chance of reinstatement. Discard premium receipts when notices reflect payment. |
| Medical expense records |
Keep with applicable tax |
| Military papers |
Keep permanently (may be required for veteran's benefits.) |
| Individual retirement account records |
Keep permanently |
| Retirement plan statements |
Keep three to six years; keep year end statements permanently. |
| Passports |
Keep until expired. |
| Pay stubs |
Keep one year; discard all but final, cumulative pay stub |
| Personal certificates |
Keep permanently (birth/death, marriage/divorce |
| Real estate and residential documents |
Keep purchase related documents, annual mortgage
statements, and receipts for improvements three to six years
after residence is sold as evidence of cost. Keep copies of
rental leases and receipts for two years after moving.
|
| Social security statements |
Discard when current records of payments into the Social Security system are received. |
| Warranties and receipts |
Discard expired warranties. Use judgment when discarding receipts. |
| Will |
Keep current will until rendered obsolete by a new will. |
