That's unnecessarily extreme, but if you have the space to store it, why not?
But in reality, what I always tell my clients is to "weed" rather than destroy. There are some documents which are wise to keep. I have kept every single P45 for the last 35 years, along with every single employer reference letter I've been given, all my exam/qualification certificates, etc. That little stack is about an inch thick - no one is so short of space they can't find space to store it! Working daily with HMRC, I don't trust them as far as I can throw them, hence keeping everything re my full employment history! I also keep all bills/invoices for big purchases for as long as I keep the item, such as my house, home improvements, cars, computers, phones, kitchen appliances, TVs, furniture etc. I tend to keep invoices for house repairs, such as decorating, replacement windows/doors, appliance repairs, roof repairs, etc - very handy for historic reference to look back to check exactly what's been done, by whom and when. I also keep receipts for anything with a manufacturer's warranty for as long as the warranty lasts, and most other things bought which would be covered by statutory protection in case of faults within a reasonable period of purchase. I often enjoy free replacement or repairs of even small stuff like kettles or vacuum cleaners which I would have forgotten had 2 or 5 year guarantees had I not kept the paperwork readily available! I also once struck gold when my 12 year old cooker failed but because I had the original purchase paperwork to prove when and how I bought it, and because I found the specific model had a manufacturers fault, I could claim a full refund - result!
All that are filed in folders/plastic wallets and fit into a couple of A4 box files. When I buy a replacement, I remove and shred the paperwork for the item I've just disposed of and every year or two I flick through and remove anything else I don't think I need anymore.
Obviously, most of that is now electronic these days, either by emailed PDFs or I now scan all paper documents. I store these in the cloud in a directory based system with separate directories for >work>home>cars>repairs>years and with each PDF given a proper name and date so that I don't have to randomly open multiple files to find what I'm looking for. I also have local copies of the same directory structure and files on my main computer and a backup computer. As each year passes, my paper files get less as I'm not putting anything new in, but still taking stuff out. When I get the time and inclination, I'll probably scan everything and then ditch all remaining paper. But that's all based on a proper, secure and backed up e-filing system.