It’s Vital That You Keep These 7 Financial Documents Forever
It’s Vital That You Keep These 7 Financial Documents Forever — Here’s Why
Vawn Himmelsbach Mon, June 3, 2024
Many of us have piles of papers we’re saving "just in case,” probably gathering dust somewhere.
While some of those documents could probably head straight to the shredder, there are others that you should keep forever — and preferably not in a cardboard box in the basement.
But sometimes we just don’t know what we need to keep (and for how long), and what we can safely get rid of.
Here are seven financial documents you shouldn’t get rid of (ever) — and why.
7 Documents You Should Never Lose
1. Birth certificate. Your original birth certificate (or adoption papers) is used to prove your age at various life stages, such as obtaining a driver’s license or applying for Social Security benefits. It will also help your family obtain a death certificate when the time comes.
2. Social Security card. You need the nine-digit number on this card to get a job, rent an apartment and collect government benefits, and you may need it to open a bank account or apply for a credit card. The Social Security Administration (SSA) recommends keeping your card in a safe place and only sharing your number when required.
3. Marriage license. Your marriage license affirms that you and your spouse did, indeed, get married. This can come in handy if you want to claim a Social Security spousal benefit in retirement.
4. Divorce records. Your settlement agreement includes the division of marital property and the terms for child and/or spousal support, so you’ll want to hang onto that. Plus, if you were married for 10 years or more (and aren’t remarried), you may be able to claim Social Security benefits based on your ex’s record.
5. Loan payoff statements. This is important if you’ve negotiated a settlement that’s less than the original debt. That’s because if the debt is sold to a debt collector, the new debt collector may not have a copy of the documentation proving that you settled under those terms.
To Read More:
https://www.yahoo.com/finance/news/vital-keep-7-financial-documents-110000136.html