Welcome, and thank you for listening to North Shore Banks In Your Interest podcast. Today, we're taking a look at how long you need to keep personal documents and records. Everybody has a paper trail, everything from utility bills and financial statements to tax records and receipts. With so many records, it may be difficult to determine which items you should keep.
And for how long? Filing and organizing records is critical to maintaining healthy finances. Not only will text time be easier, but your spouse and other family members will be able to locate important information should the unexpected happen to you. Following these guidelines may help you organize your records.
Bank statements. These can be destroyed after one year, unless you need them for tax purposes. Signing up for free services like online banking and e statements is easy and reduces paper. You can view account history and see when checks have cleared in an easy and convenient manner. Utility bills. You can throw these out unless you need them for tax purposes.
Tax records. Most experts recommend destroying these after six years. Insurance records. Keep for the life of your policy. Life documents, such as birth certificates, Marriage certificates, diplomas, divorce decrees, and military records. These items should be stored in a safe deposit box indefinitely.
Homeowner records such as the deed entitled to your house. Do not throw these away. Life and estate planning documents. Make sure you keep the most current copy. Receipts for major purchases such as furniture and electronics. Keep these as long as you own the item. Any papers that you're throwing away with personal information, such as [00:02:00] social security numbers, should be shredded to avoid identity theft.
Stay organized. It's important to keep a list detailing where your records are and how to access them. Store this in a safe place or with a trusted family member or friend, and be sure to keep a copy for yourself. List each type of account, where it's located, and the contact information of the appropriate agent.
Update your list periodically. You should also consider electronic record keeping options. Free services such as bill pay, e statements, and online banking can help you stay organized, simplify managing your money, and save you time. Visit NorthShoreBank. com to learn more about these and other convenient e services.
And don't forget, NorthShoreBank can help. Safe deposit boxes at NorthShoreBank are a secure way to keep original copies of your most important documents. We offer a variety of sizes to fit your unique needs. Also, remember that you can securely shred your old documents for [00:03:00] free at North Shore Banks annual community shredding day.
Check the most up to date information by visiting shredit. northshorebank. com. Thank you for listening to this episode of North Shore Banks In Your Interest podcast. If you haven't already, please subscribe to the show in iTunes, Google Play Music, or your favorite podcast app. For more information on the podcast, visit northshorebank.com. Member FDIC, Equal Housing Lender.