Important Deadline: May 1, 2011

U.S. Treasury to "Retire" Paper Check for New Recipients of Social Security and Other Federal Benefits, Saving Taxpayers $1 Billion

Treasurer of the United States Rosie Rios highlights savings at ceremonial check-signing, ahead of May 1 deadline.

Washington, D.C. – (April 26, 2011) – The U.S. Department of the Treasury is retiring the paper Social Security check for millions of baby boomers and others applying for federal benefits, a move that will save taxpayers $1 billion over the next 10 years. Beginning May 1, 2011, anyone newly applying for Social Security, Veterans Affairs or other federal benefits will need to choose an electronic payment method – paper checks will no longer be an option. People currently receiving their federal benefits by paper check must switch to direct deposit by March 1, 2013.

Treasurer of the United States Rosie Rios today highlighted the savings to taxpayers by ceremonially writing a check to American taxpayers in the amount of $1 billion. "More than 18 million baby boomers are expected to reach retirement age during the next five years, with 10,000 people a day becoming eligible for Social Security benefits," said Treasurer Rios. "It costs 92 cents more to issue a payment by paper check than by direct deposit. We are retiring the Social Security paper check option in favor of electronic payments because it is the right thing to do for benefit recipients and American taxpayers alike."

View the full news release

Fact Sheet

View this fact sheet for more information about the Treasury Department’s final rule, taxpayer savings, and the May 1 deadline for new retirees and others applying for federal benefits.

History of Social Security Payments

The Treasury Department's retirement of the paper Social Security check for new enrollees beginning May 1, 2011, is a historic milestone. See other major milestones related to Social Security payments in this chronological timeline, starting with President Roosevelt's signing of The Social Security Act in 1935. For more information about the history of Social Security, visit www.ssa.gov.

Statistical Snapshots

How many baby boomers will reach retirement age in the coming decade? How much will the Treasury's move to all-electronic federal benefit payments save taxpayers? In addition to the statistical snapshot graphics below, view key statistics about monthly Social Security and Supplemental Security Income (SSI) payments by state.