There are two major traps that befall those of us surrounded by paper: 1) Keeping things we can actually get rid of - just in case and 2) Keeping things to read.....someday.....
Keeping things we can actually get rid of: The IRS has a lot to do with what I recommend everyone keep. They suggest you keep some items related to the taxes filed each year. However, it's a pretty long document to sift through, at seven pages. Still, it is specific enough to state not only what to keep, but how long to keep it. Remember to shred and not toss the things related to your taxes, when the time comes to get rid of it.
Consumer Reports breaks it down a little more easily for us.
Keep for 1 year or less:
- Bank records (checking and savings)
- Credit card bills (for non-tax related expenses)
- Insurance policies
- Investment Statements
- Pay stubs
- Receipts
- Large purchases for the home
- Investment purchases
- Loan documents
- Savings Bonds
- Vehicle records
- Defined benefit plan docs
- Estate planning
- Life insurance
- Safe deposit box inventory

What about the things that just look like a good read? Stories, novels, something for fun? Again, two questions to ask yourself: 1) Am I still interested in reading this story? Maybe your interests have changed since it was added to the pile. 2) Do I have the time to give to this article? With the free time I have available, do I want to spend it reading this? Perhaps yes, perhaps no. Be realistic, too. Be realistic about how long it would take you to finish the article or story, and be realistic about how much time you have to commit.