What should you get rid of and hold on to? When and why?
Provided by Taylor McClish
If a shred party
happens to spring up in your area, you may want to mark your calendar. For many
years, shred parties, where a business or organization hosts clients or the
public to the use of giant paper shredders, have presented a fun and easy way
for folks to rid themselves of paper clutter. Sometimes, it’s more than just
paper, as some industrial-sized shredders even have the ability to destroy hard
drives and other electronic storage devices.
Protection from identity theft. Of course, this
is not just about clutter: old bills and financial documents are just the sorts
of things that scammers and identity thieves want to get their hands on. The
only way to be totally certain that you are safe is the total destruction of
those documents and devices once their practical use has come to an end.
A shred party
can also be a nice day out. It’s not unusual for the big shredding trucks to be
parked outside on a pleasant spring or summer day. Depending on the hosting
organization, the shred party might be attached to some other activity, like a
potluck, barbecue, or community celebration.
What do you bring? The better question may be: when is it
wise to let go of the documents that you’ve been storing? It’s important to be
sure because they certainly aren’t something you can get back from the shredder
once they’re gone!
A recent article
from CBS News suggests the following guidelines:1
*For your tax
returns, hold on to those for up to seven years.
*Purchase and
sale statements for your house, for your entire ownership of the house.
*Utility bills,
at least one year.
*Statements from
your investment or brokerage account, at least one year.
*Purchase and
sales confirmations related to your investment or brokerage account, at least
one year.
*Statements from
your bank account, at least one year.
*Statements from
your credit card provider, at least one year.
It’s important
to remember, also, that the above represents a general guideline; different
sources offer different suggestions. CBS acknowledges that, in some cases, it’s
okay to shred your tax returns after three years. Your financial professional
may have a different prescription for you, however, based on their close
understanding of your financial life.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
This material was prepared by MarketingPro, Inc., and does not
necessarily represent the views of the presenting party, nor their affiliates. This
information has been derived from sources believed to be accurate. Please note
- investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
Citations.
1 - cbsnews.com/news/heres-how-long-you-should-keep-tax-records/
[4/26/2019]