According to the US government’s web site, there are items you can discard.
- Cancelled checks for cash or nondeductible expenses.
- Expired warranties
- Pay stubs, after reconciling with W-2
- Other records no longer needed, like those that have been replaced by newer versions.
But that tax form you just filed – you should keep that for seven years from the filing date.
This government web site is a helpful resource for managing your household records.
Here is a reference table to help determine how long to keep your documents:
How Long to Keep Documents
DOCUMENT | HOW LONG TO KEEP IT |
Bank Statements | One Year, unless needed to support tax filings |
Birth certificates, marriage licenses, divorce decrees, passports, education records, military service records | Forever |
Contracts | Until updated |
Credit Card records | Until paid, unless needed to support tax filings |
Home purchase and improvement records | As long as you own the property |
Household Inventory List | Forever, update as needed |
Insurance – Life | Forever |
Insurance – Car, Home, etc. | Until you renew the policy |
Investment Statements | Shred your monthly statements; keep annual statements until you sell the investments |
Investment Certificates | Until you cash or sell the item |
Loan documents | Until you sell the item the loan was for |
Real Estate deeds | As long as you own the property |
Receipts for large purchases | Until you sell or discard the item |
Service Contracts and Warranties | Until you sell or discard the item |
Social Security card | Forever |
Social Security statement | When you receive a new statement, shred the old one |
Tax Records | Seven years from the filing date |
Vehicle Titles | Until you sell or dispose of the car |
Will | Until updated |