Financial Documents: What to Keep and Where

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Somewhere in a drawer, a filing cabinet, or a shoebox in the closet, most of us are holding onto financial paperwork we don't actually need. And we’re probably missing a few things we do need. Today, Phil sorts out what stays, what goes, and where it all belongs. Nobody loves paperwork, but a little bit of organization now saves a lot of scrambling later for you and for whoever has to help sort it out someday. When in doubt, ask us before you shred it.

Here’s some of what we discuss in this episode:

📄 Document Storage: Some records are worth keeping while others can be regularly cleared out

🧾 Tax Records: Phil generally recommends keeping returns and supporting documents for seven years

⚖️ Estate Documents: Wills, trusts, and powers of attorney should be safely stored and accessible

🛡️ Insurance Records: Current policies should be retained, with some older coverage kept temporarily

✂️ Secure Disposal: Sensitive paperwork should be shredded rather than simply thrown away

💻 Digital Storage: Electronic backups can improve access, but old devices and drives should also be disposed of securely

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