If I haven't needed it by then, out it goes. Tax records are the only exception to this rule. Whoever brings the mail in does a preliminary sort. Some items can be directly recycled. Envelopes get recycled immediately after opening the mail.
Catalogs have a place, and so on.
In our house, the daily newspaper is a high-priority item. Some days it gets fought over first thing in the morning, others the last person may not read it until bedtime. Whoever is last makes certain it goes into the recycling bin. During some seasons, it seems like we get more catalogs than any other mail. I look forward to and some are obviously the result of being on a chance mailing list.