I find myself coming across more and more families that are trying to take account of what investments they hold, which life insurance policies they’ve bought and how their 401ks are performing. It can become quite the project updating files and keeping track of all the different companies. I want to say I have come closer to mastering the paper puzzle with these tried and true tips. Hopefully they bring clarity and help to you and your investments.
- Keep current policies and proof of policies that have been converted or rolled over.
- Ditch monthly or quarterly statements. Keep year end and/or tax statements to prove to the IRS what you made or lost and bought or sold that specific year.
- When creating files, be consistent by either using proper nouns (Morgan Stanley and Protective Life) or using nouns such as life insurance, 401k and investments. List them alphabetically or use colors to designate these files from the rest of your files.
- Create online account usernames and passwords for each account type. Login and choose to go paperless as soon as possible. For most families this cuts down a lot of mail. Don’t forget to keep the passwords and usernames organized somewhere safe!
- Shred paperwork that has account numbers listed. Regular solicitations or sales paper from these financial institutions don’t give away personal information, just your name and address.
- If you aren’t sure if you own that life insurance policy still or if you rolled over the IRA, call to check. Take account of what you do and don’t have.
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