Tip: Phasing out Social Security checks

After 71 years of faithful service, an icon of the nation's retirement program is also retiring. The paper Social Security check is no longer available for anyone signing up for benefits after May 1 this year.

Instead of receiving the familiar U.S. Treasury check with the picture of the Statue of Liberty, new recipients will have their funds deposited directly in the financial institution of their choice. The Treasury says the move to electronic deposits will save taxpayers about $1 billion over the next 10 years. Those without a bank account can get a debit card instead. Benefits will be added to the card account each month.

For those receiving benefits before May 1 who haven't switched to direct deposit, the check will still be in the mail -- but not for much longer. All recipients must switch to direct deposit by March 1, 2013. (Related story, B5)