09 Jun

Personal records: What to keep? What to shred?

by Linh Ha in Uncategorized
Personal records: What to keep? What to shred?

Personal Records: What to keep? What to shred?

Everybody has a paper trail – everything from utility bills and financial and tax records to receipts. With so many records it may be difficult to determine which you should keep and for how long. Navigator Credit Union has a breakdown of documents to save, based on the time they should be kept.

Save Forever
Keep documents related to major life events – birth, marriage, divorce, and death. Save in a secure, preferably locked, location:

  • Birth certificates or adoption papers
  • Social security cards
  • Citizenship papers or passports
  • Marriage or divorce decrees
  • Death certificates of family members

Also, keep auto titles and home deeds stored safely for as long as you own the property.

Seven Years or Longer
When it comes to taxes, it’s best to keep any tax records for at least seven years. The IRS usually has three years to audit you but it has up to seven years under certain circumstances. Your best bet is to hang on to your tax returns as long as possible. It’s also a good idea to keep the supporting documents such as W-2 and 1099 forms, receipts and payments.

One Year
Most experts suggest that you can shred many documents after a year. Examples include:

  • Non-tax-related bank and credit card statements
  • Investment statements
  • Pay stubs after verifying with your W-2.
  • Receipts for large purchases
  • Paid medical bills – unless you have an unresolved insurance dispute

Immediately
Some documents don’t need to take up valuable space in your home for very long or at all. You can get rid of the following immediately:

  • Paid credit card and utility bills
  • Sales receipts – unless related to warranties, taxes or insurance
  • ATM receipts
  • Withdrawal and deposit slips
  • Credit offers
  • Expired warranties

If you have financial records or documents you aren’t sure you’ll need, err on the side of caution. Keep any documents until you are positive you won’t need them.

Organizing your records
Filing and organizing your records are critical to maintaining healthy finances. Keep a list detailing where your records are and how to access them. Store this in a safe place or with a trusted family member or friend. List each type of account, the identification number and contact information of the appropriate agent. Having this information would be helpful to your spouse and other family members should the unexpected happen to you.

Protect your identity. Shred any unwanted personal documents.
Navigator is committed to helping protect your privacy. The Credit Union is teaming up with the Mississippi Attorney General’s Office for a free Community Shred Day.  It will be Saturday, June 18, 2022, at the Walmart Supercenter located at 3615 Sangani Blvd., in D’Iberville, Miss. Team Members will be on hand from 7 a.m. to 11 a.m. to help you get rid of your unwanted documents. There is a two-bag limit and available on a first-come, first-serve basis until the trucks are full. No businesses are allowed.

Your financial records are a treasure trove of information for identity thieves. The best way to protect yourself is to shred any unwanted personal documents.