Review and Archive Key Annual Records

Why

Annual records from financial institutions, government agencies, and employers provide important snapshots of your financial and legal status. They are essential for tax preparation, loan applications, insurance claims, and resolving disputes. Regular collection and secure archiving ensure you have this documentation when needed and can help spot long-term trends or issues.

Action

• Financial Records:
  • Download annual bank account statements (checking, savings).
  • Obtain year-end investment account summaries and tax statements (e.g., 1099s).
  • Collect annual credit card summaries if provided.
• Government & Legal Records:
  • Download your Social Security earnings statement from SSA.gov.
  • If applicable, pull your DMV driving record to check for errors or outstanding issues.
  • Collect property tax assessments.
• Insurance Records:
  • Request or download current insurance policy declarations pages (home, auto, life, health, disability, etc.).
• Employment Records:
  • Save annual benefits summaries from your employer.
  • Keep copies of W-2s or other tax-related employment forms.
• Utilities (Optional but Recommended):
  • Save utility company annual summaries if they offer insights into usage or for potential deductions.
• Archive Securely:
  • Archive all collected digital documents in a consistent, organized folder structure (e.g., Year > Institution > Document Type).
  • Ensure these digital archives are encrypted and backed up according to your 3-2-1 backup strategy.
  • For critical paper documents, scan them and securely store the physical copies (e.g., in a fireproof safe).
• Secure Document Disposal:
  • Gather old documents that are no longer needed (especially those beyond retention requirements).
  • Sort into ‘shred’ and ‘recycle’ piles.
  • Scan any documents you might need for reference before disposal.
  • Use a cross-cut shredder for documents containing personal information.
  • Consider burning highly sensitive documents.
  • Recycle non-sensitive papers.
  • Empty shredder contents into multiple trash bags to prevent reconstruction.

Remember

A consistent digital and physical filing system makes finding specific records much easier when you need them, potentially years later. Ensure backups of these important records are stored securely, including an off-site copy. When disposing of old documents, even seemingly harmless papers can contain valuable information for identity thieves - when in doubt, shred it.