Shredding 101
Tip: Get yourself a cross-cut shredder that can handle credit cards and staples too.
Shred:
· Papers that carry your Social Security number, birth date, signature, account numbers, passwords or PINs, even the back pages of catalogs with your name and address.
· Deposit slips, ATM, and credit card receipts after you get your monthly statements in which they appear.
· Paycheck stubs after you receive your W-2 or other tax form, unneeded medical bills, preapproved credit card applications and “courtesy checks” (better yet, call and have them discontinued) and expired IDs such as driver’s licenses, medical insurance cards and passports.
· Monthly retirement and investment account statements only after you receive the annual statement for the entire year. Keep annual statements indefinitely.
Don’t Shred:
· Bank statements and canceled checks (or scans) for 1 to 3 years. Keep checks needed for your tax returns-charitable donations or tax payments-for 7 years. Seniors: Keep statements for 5 years for a potential Medicaid application.
· Keep utility bills for one year if you want to compare to the previous year. Otherwise, keep 3 months of bills and shred the rest.
· Papers and checks related to a home purchase or sale, or improvements, and contributions made to retirement funds, should be kept indefinitely along with original Social Security cards, birth certificates, mortgage paperwork, deeds and wills.
Karen R. Caccavo, MBA
Personal Money Manager
845.634.0076
Karen@PersonalMoneyManager.net
www.PersonalMoneyManager.net