Spring is here time get rid of all your old documents and do it in a safe way...

Stacy Lee

Numerica’s Richland Branch (3045 Duportail St, Richland)
TOMORROW Friday, April 20th from 5:00 a.m. – 6:30 p.m.
Totally free event.  We want to help as many people as possible, so there will be a limit of three grocery bags or two banker’s boxes per person.

Here's what you need to know!

THE PROBLEM/SOLUTION:  Identity theft is a multi-billion-dollar industry, and document shredding is an important prevention strategy.  Safely disposing of confidential information means you’re thwarting the fraudsters who hope you toss out some identity theft gems.  Keep those fraudsters forever frustrated, by knowing what you should be shredding now, in a while or be keeping forever!

WHAT TO KEEP AND HOW LONG: SHRED THE REST!

KEEP THE MOST RECENT COPY:

Utility, cable and cell phone bills can be disposed of as soon as payment is applied.

  • Withdrawal and deposit slips can be shredded after they are verified on monthly statement.
  • Mutual fund and retirement accounts (401(k), 403(b), IRA, ROTH IRA, etc.) should be shredded as new ones arrive. Make sure to keep evidence of IRA contributions until you withdraw money. Annual statements should be kept for seven years.
  • Credit card statements, unless for tax/business or proof of purchase, shred after 45 days.

KEEP FOR A WHILE:
This splits into two time frames:

The documents you keep for one year like pay stubs and information for that year’s taxes and then the tax information that is used for seven years:

7 years: Supporting tax documentation
A good rule of thumb on how long to keep documents: If a document verifies a piece of information on your tax return, you should store it for at least seven years. This rule applies to W-2 and 1099 forms, tuition payments and charitable donation receipts.  If a statement shows a transaction that was used for taxes or business expenses, is a medical, home improvement, or major purchase expense, keep it for seven years.

 

1 year: Regular statements, pay stubs
Keep either a digital or hard copy of the past year’s-worth of monthly bank and credit card statements. You should also hold on to pay stubs so that you can use them to verify the accuracy of your W-2 form when tax season arrives.

KEEP FOREVER:

  • Permanent records of major financial events such as legal filings or inheritances
  • Birth and Death Certificates
  • Social Security Cards and Passports
  • Marriage Licenses
  • Divorce Decrees