When Can You Safely Discard These Important Documents?
With spring finally here and summer just around the corner, there’s no better time to start on your spring cleaning tasks. As you sort through your belongings, including paperwork, it’s important that you don’t throw out the important documents you may need down the road.
|Bank deposit slips||After you reconcile your statements|
|Banking statements||After a calendar year; store with tax returns if any will be used to prove deductions|
|Employer defined-benefit plan communications||Never|
|Investment statements (brokerage, 401(k), IRA, Keogh)||Shred old monthly and quarterly statements when you receive a new one; save annual statements until you sell the investments|
|Investment purchase confirmations and 1099s||
Hold until you sell the securities, then keep with your tax records for an additional seven years
|Life insurance policies||Never, if still in force; store in your safe-deposit box|
|Safe-deposit box inventory||Never, but review and update each year|
|Social Security statements||Shred an old statement when you receive a new one|
|Tax returns and related documents||After seven years|
Time to Start Planning
As you start your spring cleaning projects, consider how you can help the organizations and places you care about, like the Chi Omega Foundation. We’re happy to help you get started by finding the right giving vehicle for you. Contact Sally Stephens Kimball at email@example.com or 901.748.8600 to get started.