Paper Over-Load!!!

netshoundJune 22, 2007

I'm trying to get my files in order and weed thru the chaos! How long do I have to keep bank statements, insurance paperwork, Retirement statements, etc... Does anyone know?

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statements: until you have decided they are accurate. Or until you have decided that you will never look at it again (with some of my retirement-savings accounts, I toss them almost immediately; I know I'm not going to act on the info in them by moving the money from one account to the other; I see that the account is doing well enough for the business c limate we're in, and I toss them).

Or for one year, if tossing right away makes you nervous.

Keep opening paperwork for all retirement accounts, insurance accounts, etc.

    Bookmark   June 22, 2007 at 5:25PM
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I've looked at Suze Orman's website before to get this info. I haven't actually tossed anything yet, because I'm still a chicken! But the info was helpful.

Something else I heard recently was that you should keep a copy of your insurance policies (home and car) until the statute of limitations runs out. I think that varies from state to state but maybe not. So if you could be sued for something for up to 3 years after the incident date, you should keep your policies for at least 3 years.

Here is a link that might be useful: Suze Orman financial clutter

    Bookmark   June 29, 2007 at 1:50AM
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I had paperwork for every possible account that I could never get rid of. This year, I finally tackled it! I now have all the statements from January 2007 to the present.

I kept everything pertaining to the IRS and ended up putting past years information organized in a box in the filing cabinet. Someone here wrote that suggestion and it works for me.

Since I move so often, I have had way more than most people of accounts that have been opened and closed. But when I culled everything, I kept the earliest statement for all closed accounts as well as the last one I could find. At least, I feel I've kept a record just in case. I'm sure I'll never need any of it but having them makes me feel safer.

I got lucky in that a local company was doing free shredding one Saturday and they shredded everything for me.

    Bookmark   June 29, 2007 at 12:32PM
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