How Long Should I Keep Paper Records?

It’s important to hold on to paper records that you might need to refer to, but keeping them for too long doesn’t just create clutter; it can be risky. If someone came across these documents, they might be able to access your personal financial information.

Not all documents have the same shelf life. Some can be discarded within days or weeks. Others should be kept for life. Here’s how to decide.

When you’re figuring out how long to keep tax returns and organizing your finances, you may discover that you could use professional guidance with insurance or finances. Talk to Farm Bureau to find out how we can help. 

Records You Don’t Need to Keep

When you’re deciding how long to keep receipts, you can shred and discard the ones from ATMs, as well as store receipts for items you won’t need to return. You can also get rid of:

• Offers for credit or insurance that come in the mail
• Cleared checks that are more than 14 days old
• Expired credit cards, driver’s licenses and other items that contain your personal information
• Credit reports
• Warranties that are expired or cover items you no longer own
• Prescription information for medicines you aren’t taking anymore

Records You Should Keep for One Year

• Bank statements
• Pay stubs
• Medical bills, as long as you are not disputing them
• Credit card bills
• Utility bills
• Checks you have deposited

If you have PDFs or electronic access to these documents, you can shred and discard the paper copies.

Records You Should Keep for at Least Three Years

You should keep most tax-related documents, like canceled checks, receipts, W-2s, 1099s and income tax returns, for three years. You should keep certain tax documents for longer.

You should also keep records related to selling a home for at least three years.

If you have PDFs or electronic access to these documents, you can shred and discard the paper copies.

Records You Should Keep for the Lifespan of the Item or Contract

Hang onto documents related to major purchases or financial commitments, like:

• The title to your vehicle and documents related to any vehicle loan
• The title or deed to your home and any mortgage-related documents
• Rental agreements and leases
• Home improvement receipts and warranty information and receipts for major appliances

Records You Should Keep Forever

You need paper versions of these documents. Keep them in a safe or safe deposit box.

• Birth certificate or adoption papers
• Social Security cards
• Passports and citizenship or residency papers
• Marriage licenses
• Divorce decrees
• Death certificates of family members
• Military records
• Estate plan documents
• Health records that are not included in your electronic health records

How to Get Rid of Old Records

Be sure to shred anything that contains personal or sensitive information. If you don’t have access to a shredder, check with community or local bank officials to see if they sponsor a shred day, or search online for shredding services near you.

Be extra careful if you are clearing out old files for yourself or a relative. It used to be common for paper records to include full Social Security numbers and account numbers. You’ll want to make sure you shred those documents.

Let Farm Bureau Help 

At Farm Bureau, we know that taking care of your finances and insurance needs can feel overwhelming. We work with people like you, in your community. Reach out and find an agent who can answer your questions.