The key to good document control is to know how long to keep them, how to securely store them and how to safely dispose of them.

In closing, we look at documents to consider saving less than 3 years:

• Monthly/Quarterly Statements (keep credit card, investment and mortgage statements for one year and save annual statements for 3 years)
• Pay Stubs (save annually, confirm with W-2 or 1099 and keep with the tax return documents)
• Bank Statements (keep for one year unless they are tax-related statements which should be kept with the tax return)
• ATM Receipts & Bank Deposits (keep and match with monthly statement before discarding)
• Everyday Purchase Receipts (keep and match with monthly statement & make sure you do not need receipt for a product return before discarding)
• Utility Bills (Discard after two years, which will allow you to review past usage, unless these are used as tax deductions which you should keep with the tax return)
• Apartment Rental or Lease Payments (keep for one year beyond the expiration of the agreement)

How to Store Your Documents
The choice to store documents digitally &/or physically is a matter of your comfort. It is also good to let a trusted source (like your spouse, children, or friend) know where to find these documents in case you are not able to access them.

Digital Storage Best Practices
Have at least two secure copies via external hard drive, flash drive or cloud-based storage preferably with password protection either on the document itself or on the digital storage device. Have one scanned copy of physical documents like birth certificates similarly stored digitally. Always password protect any financial documents stored electronically.

If stored on your computer, have documents encrypted as well as password protected. Remove outdated files on a quarterly or annual basis.

Physical Storage Best Practices
Consider a secure filing cabinet, fireproof/waterproof lockbox, safe or safety deposit box. Categorize and label documents into logical files for ease of access. Remove and shred outdated files on a quarterly or annual basis.

OUR ADVICE
Always seek appropriate advice from your family, financial, legal and medical advisors. You can find more on federal tax recommendations at https://irs.gov.

Whatever your financial need, we're here to help.