How Long Do I Keep It?
By Jean Marie Herron
Everyone is drowning in paper, no surprise. One of the most common questions I receive as a professional organizer is, "How long do I need to keep this?" Well, below is a quick reference list for you put together by my colleague Diane Friedman of The Alexandrite Group. You can of course refer to the IRS Recordkeeping website.
Guidelines are for both paper and electronic records. Click here for the full, printable version.
This schedule is primarily based on IRS guidelines*; however, your insurance company or creditors may require you to keep certain records longer. It is best not to keep records beyond its usefulness. When in doubt, consult your legal counsel, tax accountant or financial adviser.
I would like to add a few more categories of paper that I usually come across with clients:
Keep Forever:
- Educational Records (transcripts, diplomas)
- Employment Records
- Legal Records, Medical Directives, Power of Attorney
- Medical History (keep a journal or complete a Health Chart Binder; see http://www.organized-health.com)
- Vital Documents (birth, death, marriage, adoption, military etc.)
- Wills
I will conclude this information with one caveat; do not forget to consider what you are comfortable with keeping and shredding, and what you have space for.
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At POSSE Partners, LLC (Professional Organizing Solutions Serving Everyone) we cater to homeowners who want one-on-one help with their organizing endeavors whether it's their space, papers or time. Besides transferring these organizing skills to our clients, we also hold organizing classes called Clutter Corrals, have a monthly forum for supporting each other called POSSE's Pen and we also give organizing presentations as well. To learn more about the author and owner, Jean Marie Herron, and sign up for her free newsletter go to www.POSSEPartnersLLC.com.
