How Long Should I Keep My Documents Before Discarding Them?

Question

I have documents (past bills, old auto insurance documents, old apartment rental contracts, past income tax documents, etc.). I've kept such documents for the last 5 years or so for my records. However, I think that it'd be okay to shred and discard them now. But, I'm worried that someday I may need to reference one these documents for whatever reason. So, my question is - how long should I keep my documents before discarding them? 2 years? 5 years?

Answer 1

Each record has its own retention schedule.  Here is a full schedule:  http://www.shrednations.com/articles/per...

Answer 2

Most people keep their records for three to five years (except my mother-in-law who still has her taxes for every year she has ever filed...lmao)

Answer 3

I keep them for a year (max 2 years) till I file my taxes & returns. Then I scan them into my computer for future reference before discarding them.

Answer 4

Three years is the standard time to retain such files as recommended by most businesses, the IRS and lawyers.  If you've any doubt or think you will need them later, scan them into your computer, copy to disk and delete the files from your documents afterward to thwart hackers looking for ID theft and/or financial as well as personal information.