Eight Important Documents All Retirees Should Save

Let’s face it, we all acquire a lot of paperwork throughout our lives. Retirement might seem like the perfect time to go through everything and clean house. But, as an article by Finance Buzz points out, there are certain documents that you should save — and keep in a safe place. Here are eight you need to keep:

1. Power of Attorney – this specifies who can make legal decisions for you if you can no longer make them yourself.
2. Medical Directive – this states what kind of medical intervention you want — or do not want — and can outline your desired end-of-life care.
3. Will – this designates who gets what from your estate after your death.
4. Medicare Evidence of Coverage – Every year you receive documents related to your coverage, how much you have to pay, etc.
5. Property Deed and Title – If you are willing your property to someone else these documents will make the transfer easier.
6. Social Security Card – Obviously, you need this to file for and collect benefits, but your heirs will need this after your death, especially if they are entitled to death benefits.
7. Tax Returns – The IRS recommends you keep at least three years of tax records. This will be helpful to your beneficiaries as they try to settle your estate after your death or deal with any potential tax issues.
8. Loan Documents – You may still be making mortgage or car payments, so it’s important to save these documents and have a record of the loan terms and payoff dates.  

Helpful Hint — If you’re de-cluttering and getting rid of paperwork, always shred any important documents that contain personal information. You want to protect yourself from identity theft.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.