Important documents to keep

• ✺Losing key documents like a Social Security card or birth certificate can create major headaches when applying for jobs, benefits, or identification.
• ✺Having organized financial records on hand makes tax season, loan applications, and financial planning much easier.
• ✺In an emergency, like a house fire or sudden illness, having documents backed up or in one place can save significant time and stress.

1. 1List the key documents relevant to you: ID documents, Social Security card, tax returns, insurance policies, property titles, and legal documents like a will.
2. 2Gather originals and store them in a secure, fire-resistant location, such as a safe or safe deposit box.
3. 3Make digital copies (scans or clear photos) and store them securely, ideally with password protection or encryption.
4. 4Share the location of key documents with a trusted family member or partner in case of an emergency.
5. 5Review and update your document collection yearly or after major life events.

Safe deposit box

A secure, lockable storage box, often rented at a bank, used to store valuable documents or items.

Power of attorney

A legal document giving someone authority to act on your behalf in financial or medical matters.

Vital records

Official government-issued documents like birth, marriage, and death certificates.

Digital backup

A securely stored electronic copy of a document, used in case the physical original is lost or destroyed.

• ✗Keeping only one physical copy of a critical document with no digital backup.
• ✗Storing important documents somewhere that isn't protected from fire or water damage.
• ✗Discarding tax records too soon, before the IRS's typical audit window has passed.
• ✗Not telling any trusted person where important documents are kept, which can cause problems in an emergency.

• !Original vital records (birth certificate, Social Security card) are generally meant to be kept indefinitely and replaced carefully if lost.
• !Tax returns and supporting records are generally recommended to be kept for at least three years, with some situations warranting up to seven years.
• !A password-protected or encrypted digital backup adds security if you store sensitive scanned documents online.
• !After major life events (marriage, divorce, a move, a new child), it's worth reviewing and updating your document collection.

• Important documents include identity, financial, legal, and property records.
• Keep physical originals secure and create digital backups where possible.
• Different documents have different recommended retention periods.
• Review and update your documents after major life changes.

Totally optional. Nobody's grading you.

1. 1.Make a list of your key documents and check that you know where each one is.
2. 2.Scan or photograph important documents and store copies securely online or on an encrypted drive.

Related lessons:

• Understanding Social Security numbers
• How to replace lost identification
• How to file a tax return

• Protecting your personal information
  Federal Trade Commission (FTC)(opens in a new tab)
• Where to keep your important papers
  USA.gov(opens in a new tab)