I have to keep this for how long?

If you're anything like me, I always get confused as to how long I should be keeping statements and bills for my records. I mean, what am I keeping them for anyway? A quick Google search can find you the answers. Shocker!

I chose to follow what Bankrate.com had to say, but most sites had very similar information. Before I go any further I would like to express my strong opinion that if you can go paperless DO IT. Statements can be saved much longer online than anyone would want to store the paper copies in their homes. It reduces clutter, saves companies money used to transport these statements from them to your door, and saves a ton of paper. Electronic bill pay is also a great way to automate the mundane task of paying bills.
But, if you can't opt out of paper bills and/or statements you are still left with the question of how long to keep them on file. I've highlighted a few main records listed on Bankrate.com, but they share a lot more.

• Tax Returns: 7 Years. The IRS has 3 years from your filing date to audit your return if it suspects good faith errors.
• Retirement/Savings Plan Statements: 1 year to permanently. Keep quarterly statements until you receive the annual summary; if everything matches up, then shred the quarterlies. Keep the annual statements until you retire or close the account.
• Bills: 1 year to permanently. Go through your bills once a year. In most cases, when cancelled checks from paid bills have been returned, you can shred the bill. However, bills for big purchases -- such as jewelry, cars, etc. -- should be kept in an insurance file for proof of their value in the event of loss or damage.

In general, I was surprised how long most of the records are supposed to be kept on file. I hate filing, I do it enough at work, so I plan to choose paperless communication in every case that I can.