Keep It or Shred It?

A Simple Guide to Managing Your Important Documents

Paper has a way of piling up – whether it’s tax documents, account statements, receipts, or other records. Deciding which items to keep and which to securely dispose of keeps your space organized and also helps safeguard your sensitive information.

At Bank First, we believe managing your financial life should feel clear and manageable. That’s why we’ve pulled together straightforward guidance, based on general recommendations from the Federal Trade Commission and the Internal Revenue Service, to help you decide what to keep, what to shred, and how to store important records securely. These are general guidelines. Everyone should use their own discretion based on their personal situation.

Why It Matters

Keeping documents longer than necessary can increase the risk of identity theft. Getting rid of them too soon can leave you scrambling for records when you need them. A simple system gives you peace of mind – and fewer paper piles.

What to Keep (and for How Long)

1. Tax Records

• Tax returns
• W-2s, 1099s
• Receipts and records supporting your return

Keep tax returns, W‑2s, 1099s, and supporting documents for at least three years after filing. In some cases, such as underreported income or certain claims, you may want to keep records for up to seven years. Many people also choose to keep copies of filed tax returns indefinitely for reference. See IRS articles below for additional details.*

2. Property and Loan Documents

• Home and vehicle titles
• Mortgage documents
• Home improvement records
• Loan agreements

Hold on to these documents as long as you own the asset, and for several years after selling or paying off a loan.

3. Everyday Financial Statements

• Bank statements
• Credit card statements
• Utility bills
• Pay stubs

If there are no disputes or tax implications, these can typically be shredded after one year.

4. Documents to Keep Long-Term

• Birth certificates
• Social Security cards
• Wills, trusts, and estate documents
• Deeds and legal records

These are important records that should be kept indefinitely in a secure location.

Go Paperless, But Stay Protected

Digital storage can help reduce clutter and make documents easier to find. If you go paperless, be sure to use secure, password‑protected accounts, back up your files regularly, and avoid storing sensitive information on shared devices. Security should always come first.

What to Shred

Any document with personal or financial information should be securely destroyed once you no longer need it, including:

• Old bank and credit card statements
• Expired insurance or medical documents
• Junk mail with personal details
• Paid bills and receipts after the retention period

Shredding helps reduce the risk of identity theft and fraud.

Make It Easy: Join Us at a Shred Event Near You

Not sure where to start? Bring your documents to one of our upcoming shred events. They’re open to the public, secure, and an easy way to clear out old paperwork with confidence.

Learn More

Final Thought

At Bank First, we’re here to help you feel confident in every part of your financial life. Keep what you need. Shred what you don’t. And know you’ve got a trusted partner right here when questions come up.

Sources: Federal Trade Commission, Internal Revenue Service

IRS: Good Recordkeeping | How Long to Keep Records