The odds of you winning the Powerball are 1 in 292,201,338. Unfortunately, your odds of identity fraud are much more favorable. In 2017, 1 in 15 people fell victim to identity theft. It has become increasingly important to protect your information. Although we can’t help you win the Powerball, we can give you some tips to help improve your statistics when it comes to identity theft.

Shredding documents has become less prevalent over the years as the world has become more digital. It’s important not to lose sight of how crucial this step is in protecting your identity and privacy. Keep in mind, not all documents should be shredded immediately. Having a flexible filing system is important when figuring out what to shred. It allows you to keep everything organized, and it makes it easier to know what to shred. A good rule of thumb is to separate out your paperwork into two main sections.

Forever File

The first section should be your forever file. This is where you will store documents you need to keep for the rest of your life. These are arguably your most important files so you may want to keep them locked up to ensure they are secure. It is always better to be safe than sorry!

Here is a list of some forever file examples:

  • Social Security Cards
  • Birth Certificates
  • Death Certificates
  • Marriage Certificates
  • Home Deed
  • Business License

Temporary File

This section is where you will store documents that will eventually be shredded once they are not needed anymore. The life of the document depends on what it is, so having subfolders within this section might be helpful when determining when it's time to shred. You will want to periodically check this section to see what needs to be shredded.

Here is a list of some temporary file examples and when they should be shredded:

  • Medical Records - 1 year after payment
  • Tax Documents - keep for 7 years
  • Credit Card bills - shred when paid
  • Bills - tax and warranty related - 1 year - anything else - shred immediately when paid
  • Pay stubs - 1 year or until you receive your W-2 statement for that year
  • Vehicle records - until it is sold
  • Bank statements - keep for 7 years if it has tax significance, and 1 year if it doesn't

Shredding

A lot of this paperwork you can file to save for a shred day or shred immediately to ensure nothing gets stolen. To have a good filing system, you want to cut down on the paperwork you keep.

Here is a running list of more paperwork to shred:

  • Expired Drivers Licenses
  • Expired Passports/Visas
  • ATM Receipts
  • Passwords or PIN Numbers
  • Documents with your social security number
  • Employment documents with identifying information
  • Bank Statements
  • Birth Certificate Copies
  • Credit Card Bills
  • Credit Reports
  • Items with a signature
  • Legal Documents
  • Investment, stock, and property transactions
  • Tax forms
  • Utility bills
  • Receipts with checking account numbers, credit card numbers, or any other identifying information

You will run into situations where you are not sure if certain documents should be shredded or not, and as stated earlier… It's better to be safe than sorry!