Chase Alumni Association

Ret on Privacy: Practical Advice from an Alum

Paper Documents & Privacy

By Gene Ret (August 27)

Protecting paper documents and personal information requires a combination of secure physical storage, digitization for backup, and proper disposal. In our digital world, we do not always pay enough attention to the potential risks of personal data on paper and fail to maintain or dispose of these documents properly.

You should always lock sensitive files in a fireproof safe, securely shred anything containing personal data you no longer need and digitize critical documents for encrypted cloud access.

A comprehensive privacy and protection plan incorporates several core strategies as follows:

1. Secure Physical Storage

• Home Safes: Keep vital original documents (birth certificates, passports, social security cards, wills and property deeds) in a heavy duty, fireproof and waterproof safe.
• Safe Deposit Boxes: For ultimate security against theft or disaster, store rarely accessed originals in a bank or credit union safe deposit box.
• Locking Cabinets: For everyday files like tax returns and financial statements, use a sturdy, lockable filing cabinet in a room where you can restrict visitor access.

2. Digitize and Back Up

• Scan to Encrypted Clouds: Scan high-risk documents and store them in secure, password-protected cloud vaults (e.g., Google Drive, Dropbox, or iCloud).
• Use Password Managers: Protect access to your digital storage using a trusted password manager and enable multi-factor authentication (MFA).

3. Know What to Keep vs. Shred

• Keep Forever: Birth certificates, marriage licenses, adoption papers, social security cards, citizenship papers and current estate planning documents.
• Keep for 7 Years: Tax returns and supporting documentation (this covers the typical IRS audit window).
• Keep for 1 Year: Pay stubs, medical bills (unless in an unresolved dispute), and monthly bank/credit card statements. 

4. Proper Disposal and Shredding

• Shred Everything: Never throw documents with names, addresses, account numbers or Social Security numbers into the regular trash.
• Method: Use a cross-cut shredder rather than a strip-cut one to prevent data reconstruction.
• Community Resources: If you do not own a shredder, check local municipal or bank-sponsored "shred days" for secure disposal. 

5. Estate Accessibility

• Plan for Others: Ensure your trusted family members, executors or Power of Attorney know the location of your safe, the combinations and how to access your digital files in the event of an emergency.