If you are anything like me, you sometimes get bogged down with sorting through the mail. It piles up so quickly right!? Frankly sometimes I just don't feel like shredding, sorting, or filing so the pile can get pretty intense!
Another problem that I have run into is an overflow of thick files from years and years of filing statements and other papers. Since I was never told how long you are supposed to keep this stuff, I did a little research and I found out some answers! Here is what I found:
Keep for ONE MONTH:
• Credit card receipts
• Sales receipts for minor purchases
• Withdrawal and deposit slips (toss after you have checked them against your monthly bank statement)
Keep for ONE YEAR
• Paycheck stubs
• Monthly bank statements
• Monthly credit card statements
• Mutual Fund, 401K, any other Retirement account statements
Keep for SIX YEARS
• W-2s, 1099s, and other guts of your tax returns
• Year end credit card statements,
• Brokerage and mutual-fund summaries
Keep INDEFINITELY
• Tax returns
• Receipts for major purchases
• Real estate and residence records
• Wills and trusts
Keep in a SAFE DEPOSIT BOX
• Birth and death certificates
• Marriage licenses
• Insurance policies
Hope this helps!
Love,
Rose
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