10 financial documents you must never throw away

The documents we keep, or discard, quietly decide who we are, what we own, and how hard the future will fight us.

You probably have that one stuffed drawer or shoebox in the closet filled with crumpled receipts and unopened envelopes that you are absolutely terrified to organize. Spring cleaning often turns into a high-stakes guessing game where tossing the wrong piece of paper could cost you significant time and money later. You definitely do not want to be the person frantically searching for a tax return from three years ago during a surprise IRS audit.

While going paperless is great for the environment, digital files can vanish instantly due to forgotten passwords, corrupted files, or crashed hard drives. Some hard copies hold more power than you realize, acting as your primary safety net during life’s most stressful moments, like buying a home or settling an estate. Knowing exactly what to keep safe saves you from significant headaches and legal trouble down the road.

Tax Returns And Supporting Documents

You might feel the urge to burn those forms the second April 15 passes, but the IRS has a long memory when they want to check your math. Federal law typically gives the tax man three years to audit you, so keeping these records is non-negotiable.

If you underreport income by 25% or more, the review period jumps to 6 years, which is concerning for anyone. According to the IRS, the agency closed more than 505,514 tax return audits in that fiscal year, indicating it continues to monitor closely.

Original Birth Certificates And Social Security Cards

These documents are the golden tickets to your identity and are an absolute nightmare to replace if they go missing. You will need originals for a Real ID, a passport, or a new job, so keep them locked in a fireproof box.

Photocopies usually do not suffice for official government business because agencies need to see the raised seal or official watermark. Losing these documents puts you at risk for identity theft, a crime that impacted over 1 million children in 2022, according to Javelin Strategy & Research.

Real Estate Deeds And Mortgage Payoff Statements

Paying off a mortgage is a significant milestone, but the battle is not over until you have the official letter confirming you owe the bank zero dollars. Disputes over homeownership can arise decades later, and this document is your shield against any unreasonable claims.

If you decide to sell your house or transfer it to your children, you need to prove you hold a clear title with no liens. With the U.S. Census Bureau reporting a homeownership rate of 65.3 percent in late 2024, millions of Americans need to protect this specific paperwork.

Marriage Licenses And Divorce Decrees

Love might fade, but the paperwork you signed binds you legally until another court says otherwise. You need these specific papers to prove a name change to the Social Security Administration or to claim spousal benefits later.

Divorce decrees are just as vital because they outline who owns what and who is responsible for specific debts after the split. If your ex stops making payments on a joint loan, this document is the only thing standing between you and a damaged credit score.

Annual Retirement Account Statements

It is easy to toss these envelopes in the trash, but you need to track your nondeductible contributions to avoid paying taxes twice. Keep the year-end summaries forever so you can prove to the IRS that you already paid taxes on that money.

This is especially true if you switch jobs and roll over a 401(k) into a new plan, where records often get messy or lost in the shuffle. Bankrate report shows the average 401(k) balance reached $148,153 in 2024, underscoring the importance of maintaining accurate records.

Wills, Trusts, and Power Of Attorney Forms

Nobody likes thinking about their own mortality, but leaving your family without instructions creates a chaotic mess during an emotional time. Only the original signed physical copy of a will is typically accepted by probate courts to start the inheritance process.

Without these papers, the state decides who gets your assets and who raises your kids, which is rarely what you would have chosen. A survey by Caring.com found that only 24 percent of Americans have a will, leaving most families vulnerable to legal disputes.

Medical Bills And Explanation Of Benefits

Health insurance companies make mistakes all the time, and you are the one on the hook if they reject a claim you thought was covered. Hold onto these papers for at least a year to verify that your provider and insurer agree on what you owe.

If you claim a medical deduction on your taxes, you must keep these receipts for seven years to back up your math. Because medical debt is a leading cause of financial hardship, proof of payment is your best defense against collection efforts.

Student Loan And Vehicle Discharge Letters

Getting out of debt feels amazing, but systems glitch and sometimes zombie debts come back to haunt you years after you paid them off. That final letter stating your balance is paid in full is your “get out of jail free” card if a collector calls.

Never rely on the lender’s digital portal to remain active indefinitely, as banks merge and data is purged regularly. Considering Americans hold $1.814 trillion in student loan debt as of 2025, according to the Education Data Initiative, proving you are free and clear is essential.

Investment Trade Confirmations And Records

When you sell a stock, you have to pay taxes on the profit, which is the difference between what you sold it for and what you bought it for. You must maintain purchase records to substantiate your cost basis; otherwise, the IRS may tax you on the entire sale amount.

While brokerages are better at tracking this now, records from before 2011 are often spotty or non-existent in their systems. If you inherited stock, you need the value on the date of the original owner’s death to figure out your tax bill correctly.

Warranties And Receipts For Big Purchases

There is nothing worse than your expensive new refrigerator breaking down two weeks after the store’s return policy expires. Staple the specific receipt to the warranty manual, so you aren’t digging through a shoebox while your food spoils.

This also applies to home repairs or improvements, such as a new roof or windows, which increase your home’s value for tax purposes. Having proof of purchase is the only way to get a free repair or replacement when appliances fail prematurely.

15 Things Women Only Do With the Men They Love

The 15 Things Women Only Do With the Men They Love

Love is a complex, beautiful emotion that inspires profound behaviors. We express our love in various ways, some universal and others unique to each individual. Among these expressions, there are specific actions women often reserve for the men they deeply love.

This piece explores 15 unique gestures women make when they’re in love. From tiny, almost invisible actions to grand declarations, each tells a story of deep affection and unwavering commitment.