Sherry Littlejohn: Damage to or loss of documents containing important personal information can be devastating. Well, what type of personal, financial and tax documents should you keep, and for how long? Here are some key documents that you need to hold on to for a long time.
Bank records, you should keep Bank Statements, Canceled checks, Credit Card statements and Tax Returns for seven years.
Tax returns, keep copies of your tax returns and all receipts related to return for seven years.
Home Documents, all home purchase and home improvement record should be retained for 10 years after your home is sold.
Student Loans, for those of you who paid off student loans, make sure you keep your financial aid and student loan papers 10 years after being repaid.
Must-Keep Documents; Birth Certificates, Marriage Certificates, Citizenship papers should never be discarded. In addition to keeping the originals, you should have an electronic copy of these records as a backup, in case of an emergency.