I keep mine locked up in a safe with color copies stored elsewhere. I retired from the service 6 years ago and other than submitting it when I applied for VA compensation, I haven't had to show or use the DD-214. However, I have to show my retired ID card when I go to the Doctor, the Dentist, ask for a military discount, or for base access. So, to me, my most important paper would have to be my retired ID card.
Bubba
Bubba