“I need information
on organizing paperwork.” The Newton Falls Public Library staff questioned our
patron for more details, wondering if she just needed information on the
organization and filing of documents. She actually needed details on the
important question of “How long should I keep paperwork?”
The library has books
on home and office organization such as RealSimple: The Organized Home by Kendell Cronstrom, but we needed to
actually find a list of papers and documents and how long to retain them. A Better Business Bureau website
has a simple listing of important items and guidelines of how long to keep
them. Some suggestions are: “Bank reconciliations - 2 yrs., Bank statements - 3
yrs. . . . Insurance policies (expired) - 3 yrs., Insurance
records, current accident reports, claims, policies, etc - Permanently . . . Withholding
tax statements - 7 yrs.” Our patron printed a copy of this list for personal
reference.
Bankrate.com has a smart
spending section entitled How long to keep financial records. It
includes a chart listing records for taxes, IRA contributions,
retirement/savings plans, bank and brokerage records, bills, credit card
receipts and statements, paycheck stubs, and records for your home.
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