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Documents you’ll never want to toss

Posted on: Thursday, February 16th, 2017

If you’re like most Americans, you have amassed quite the collection of financial documents, including receipts, invoices, pay stubs, bank statements, utility bills and old tax returns. Most can be tossed after a certain period of time. But there are some things that you’ll want to consider keeping forever. Here are some of them:

Federal and state tax returns. While some experts say that you’re probably safe pitching your personal federal and state tax returns after seven years, others say it’s a better idea to hold on to them forever. After seven years, some financial planners recommend tossing the mound of supporting paperwork used to prepare and file a return while still holding on to the actual return. You can either keep paper copies of your tax returns or scan them and store them electronically.

Personal records. Birth certificates, Social Security cards, marriage licenses and divorce decrees all should be kept in a secure, fire-proof box as long as you live.
Estate planning paperwork. The same applies to wills, trusts, life insurance policies, health care directives and other estate planning information.
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Chris Beardslee

Account Executive at Allied Insurance Managers
With 13 years experience as an account executive, Chris has a proven track record of dedication and commitment to excellence.A regular contributor to the Allied Blog.Chris takes great pride in working with business owners to develop a strategic plan that will allow them to achieve their risk management objectives.
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