Paper social security checks to be phased out by March 1

(CNN) - Social security recipients have less than two months to switch to electronic payments. Paper checks are being phased out in an effort to cut costs.

About 93 percent of payments are now made electronically, but about five million checks are still mailed each month.

The Treasury Department says that mailing costs $4.6 million a month.

The deadline is March 1, 2013.

A Treasury spokesman says they will contact people who don't make the change in a "more personal, direct way" to ask them to switch.