In my job, I talk to all kinds of people that have no f***ing clue. Please, for everyone's sake, especially your own, would you PLEASE keep a copy of essential documentation? One W-2 or pay stub from every employer you've had. One rent receipt or other document for every address you've had. One bank statement from every bank you've had an account with. One copy of any court papers showing a name change you've made. Your marriage certificate. Please, for godz sake, keep them forever. Tell your kids where to find them when you kick the bucket. This would prevent the kind of conversations I end up having about 75 times EVERY DAMN DAY - "but, I don't have anything that shows that [address, employer, name change...]. After all, that was over a year ago!!!" whine, whine, whine. Thank you.
What kind of job do you have? I have been doing tax prep today and have been surprised this year by how many people DO come in with all the information they need to do their taxes. (ID (non-expired), SSN, their W-2 or 1099-G (unemployment compensation)) !!
I take it you've never moved, only had one job your whole life, and only have one bank account (eg, no IRA, 401K, etc). Personally, I keep: One year (in fact, I just shredded FY 2009 of these today): Credit card and utility Bills Income statements Bank statements Mutual fund, IRA, etc. statements Five years: Medical bills Documentation for donations to non-profits If I had a mortgage, I'd keep receipts of those for five years If I paid rent, I'd keep a copy of rent statements for five years Life of pet: All vet bills Life of car: All car bills except insurance (1+ year for those) 10 years: Tax returns (anything you might be asked about anything can be answered here) Forever: Stock information Kept in easy-to-access place: House deed House Insurance papers (keep latest copy, shred older ones) Will Official certificates (marriage, death, basically anything with a notary stamp on it)
Rae Vynn, There are some awesome wines from your state. Go open a bottle and soak in a jacuzzi and have your hubby give you a massage.
I think that this is very good advice. One never knows what information they will be asked for years down the road. Plus, it helps to build a personal anthology of your life! (What was the name of that apartment complex that I lived in back in 1990?) Thank you.
I work for a government agency that attempts to return stock and liquid assets to their rightful owners or to the heirs of the owners. Often, there is very little information turned over to us, and we rely on the owners to show some sort of proof that it belongs to them. Proof of the address that was turned over to us. Proof that the owner worked for that employer. Proof that the owner did business with a particular entity or bank. Quite often, these items are valued in the thousands of dollars. Sure, often they are "chump change"... but still, it belongs to the name on it, but you gotta prove that the name on it is YOU. Isn't that worth a small file box? Oh, and btw, I moved at least yearly, growing up, and I've moved several times as an adult, and I STILL have my tax forms and employer information back to 1977. Doesn't take up that much room.
Stocks and assets I can see needing documentation for (which is why I do keep that forever), and tax forms can't hurt (which is why I keep those around). But in the computer business where it's not uncommon to change employers every six months, I can't see needing anything more than five years, 10 years max. And what would proving some apartment I lived in 25 years ago prove? "Oh, yeah, that's my home theater system. Yeah, I know Blu-Ray wasn't around 25 years ago, but I knew it would so it's mine!" And "small file box"? For me, it's three two-drawer file cabinets - one drawer just for taxes, one for bills and income information, one for house and car stuff, one for accounts and stocks, one for medical, one for misc (pet stuff, various correspondence, etc.).
What would it prove? Maybe that some financial institution had that as an address, and there's a cashier's check for a LOT of money in that name and address. Was it you? If you can't prove it, we can't give it to you. Being on the other side of the issue brings home to me just how much important stuff people just shred. There's MILLIONS of dollars we're holding just because the owners cannot find any sort of proof that it's theirs. Really.
I have box upon box going back years. I'd happily trade you for one small piece of paper with lots of zeros.
For a second I thought these were the requirements for getting a drivers license.....because that is what is needed in Florida for getting a drivers license. In essence you have to PROVE: 1) US Citizenship (or visa) 2) You live at the address you provide 3) Your SSN Now on the other hand, if you every want a job requiring a high level security clearance.....
That one's easy. The bank should have your social security number on file. If they don't, I do keep canceled checks up to when it's now being kept online. If it's over 10 years old, I can get an old tax form with my name and address printed on it. If it's older than 15 years old, the landlord should have proof that I lived there. If not, well, at that point my assets were only in the four-digit range (and that includes the value of my Geo Metro), so it doesn't really matter. I'm looking at from the side of A) if I kept all that crap, I'd need three or four more file cabinets and I'm already running out of room in my office as is (yeah, I could use four drawer file cabinets, but that would block the window and I don't want that), and B) My mom DOES keep every shred of paper going back to when Gutenberg invented the printing press, and her basement is frankly a fire hazard. Fortunately, last summer she finally started listening to my brother and me and started shredding that crap.
Every year companies are required to send unclaimed property to the states. Have a credit on any type of account? Didn't cash a check? Yes, some people don't cash Payroll checks. If the company can't contact you, say because you moved, many years later (varies by state) it is paid to the state. Now, if the amount is large enough it gets published. YOU now need to PROVE that money belongs to you and the states are making it harder to claim. You need to prove to her that you had a relationship with whoever turned over the money and that that is you at that address. We don't want to pay the state so please make it easier on you & us. Cash your checks. Reply to our letters. Rae Vynn, it looks like we're in the same business, just on opposite sides.
