10 Financial Documents to Keep Forever—And Tips for Organizing the Rest
When it comes to financial documents, knowing what to keep and what to discard can save you time, space, and stress. While some records should be retained permanently, others can be safely digitized and shredded after a specific period. Here’s your guide to smart financial document management. NOTE: Please first check with your attorney, accountant, and financial advisor to determine the right plan and retention policies for you or your business.
Documents to Keep Forever
Some financial and legal documents should be stored indefinitely due to their importance in proving identity, ownership, and legal rights. These include:
- Birth and Death Certificates – Essential for identity verification and legal matters.
- Social Security Cards – Required for employment, taxes, and benefits.
- Marriage Licenses and Divorce Decrees – Necessary for name changes, benefits, and legal matters.
- Wills, Living Wills, and Powers of Attorney – Critical for estate planning and end-of-life decisions.
- Adoption Papers – Needed for legal identification and rights.
- Military Discharge Papers – Important for benefits and veteran services.
- Defined-Benefit Plan Documents – Proof of pension entitlements.
- Estate-Planning Documents – Protect your assets and ensure your wishes are followed.
- Vehicle Titles – Keep until you sell or transfer ownership.
- Loan Discharge Documents – Proof that debts have been paid off.
How to Store These Documents
- Physical Copies: Keep in a fireproof, waterproof safe.
- Digital Copies: Scan and store securely in an encrypted cloud storage or a password protected external hard drive.
Documents You Can Digitize and Shred
While some documents must be kept long-term, others can be disposed of after a set period of time, anywhere from 1 to 7 years:
- Bank Statements, Pay Stubs, and Tax Returns
- Utility Bills and Credit Card Statements
- Medical Bills
- Receipts
Safe Disposal Tips
Simply tossing documents in the trash isn’t enough—identity thieves can recover sensitive data. Instead:
Shred paper copies using a professional shredding service hold on to that Certificate of Destruction for confirmation and, for businesses, proof of compliance.
Use secure digital storage for scanned documents.
Follow retention guidelines to comply with IRS, legal, and financial requirements.
Simplify Your Financial Document Management
Organizing financial documents doesn’t have to be overwhelming. A records management service can help you:
Digitize important records for easy access at high volumes and high speeds.
Store physical copies securely within a secure, specialized records storage facility
Ensure proper disposal of sensitive information through certified destruction services.
Ready to streamline your financial document management? Contact us today for secure storage and shredding solutions that keep your information safe and compliant! ??