Sunday, August 23, 2009

To Shred or Not To Shred?

When should you shred old bills, financial records and other documents? Consumer Credit Counseling Service (CCCS) of Palm Beach County and the Treasure Coast offers these tips for managing the paper trail of home documents.

Out with the Old

Do you really need to keep that water bill from 1998? How about your tax returns? Keeping good financial records is a critical part of managing your household finances, and spring cleaning is a great time to review them, purging what you no longer need. These records can help you ensure timely payment of bills and avoid late fees, dispute errors on credit card statements, apply for retirement or disability benefits, file insurance claims, and more. Bankrate has an excellent table that summarizes how long to keep financial records.

Here is a summary:

* Keep any tax-related records for seven years.

* Keep records of IRA contributions" ... Read the entire article.

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