4 Reasons All Retirees Should Have a Safety Deposit Box
Written by
Chris Adam
Edited by
Rebekah Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
As a retiree, you may be wondering how to safely store some of your valuables and important documents. You have several options for secure storage with the ability for certain family members to also access your things. Perhaps you want a place away from your home to put documents, valuables and other things to keep them secure.
One option you may be considering is a safety deposit box — here are four reasons why you may want to have one.
Peace of Mind
“A safe deposit box is a secure and reliable way to store valuable items and important documents,” according to California Community Credit Union. “Housed within a financial institution’s vault, a safe deposit box protects against theft, loss and natural disasters, offering peace of mind to its users.”
The peace of mind that comes with having a safety deposit box may be one of the best reasons to have one as a retiree. You can have a secure and reliable storage place for things that are important to you and those you care most about.
You can use the safety deposit box for important documents such as property deeds and titles, birth certificates, marriage certificates and insurance policies. Additionally, you can store jewelry and backup data drives to keep your valuable items safe.
Secure Storage
Another good reason to have a safety deposit box as a retiree is that it helps you keep things secure for your kids. You have a central location for items that are hard to replace or have a sentimental value and you’re looking forward to passing them along to the next generation at a good time.
Once you have a safety deposit box, you can then carefully let those you trust know about the box and its contents. “Once you pick a safe deposit box, let someone know where the box is,” AARP states on its website. “If you trust that person enough, put them on the safe deposit box’s contract. If you pass away, this will allow the person access without unnecessary legal entanglements and court orders.
Central Location
Let’s say you’re the type of person who moves often, perhaps around the same general area. In this case, it might make sense to have a safety deposit box.
You can use it as a reliable central location to keep valuable documents and items. It will probably make it easier to have a secure place to keep these things so you don’t have to keep moving them with you.
Easier Tracking
You may want to consider a safety deposit box if you tend to misplace important items. It can be easy to lose track of documents you need but don’t have a reason to access on a regular basis.
Speaking of accessing items on a regular basis, there are some things you might not want to keep in your safety deposit box. These are typically things you or a loved one may need to access quickly, such as cash, passports, Social Security cards and a living will.
More From GOBankingRates
