When Can You Safely Discard These Important Documents?
It may be summer, but it’s not too late to finish your spring cleaning. As you sort through your belongings, including paperwork, it’s important that you don’t throw out the important documents you may need down the road.
Before you start shredding, use our Expiration Date Tracker to make sure it's safe to dispose of your files.
Bank deposit slips
After you reconcile your statements
After a calendar year; store with tax returns if any will be used to prove deductions
Shred old monthly and quarterly statements when you receive a new one; save annual statements until you sell the investments
Investment purchase confirmations and 1099s
Hold until you sell the securities, then keep with your tax records for an additional seven years
Life insurance policies
Never, if still in force; store in your safe-deposit box
Safe-deposit box inventory
Never, but review and update each year
Social Security statements
Shred an old statement when you receive a new one
Tax returns and related documents
After seven years
Time to Start Planning
As you progress from organizing your important papers to planning for the future, consider how you can help the organizations you care about, like Children's Aid. We’re happy to help you get started by finding the right giving vehicle for you. Contact Danny Stern at giving@ChildrensAidNYC.org or 212.949.4936 to get started.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 711 Third Avenue, Suite 700, New York, NY 10017. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.