You may have heard that President Bush's plan for private retirement savings accounts would likely eliminate Social Security guaranteed benefits—the amount retirees will certainly get, no matter what other factors (like the stock market) might intervene. Now, a new report from the nonpartisan Congressional Research Service finds that there's no '"likely" about it—the president's plan will eliminate the guaranteed benefit . The report found that cuts to Social Security benefits would start small, with a worker who is middle-aged today receiving a 30 percent guaranteed benefit cut at retirement. The cut would increase gradually for younger workers who have more years until retirement. And a child born next year and earning an average salary of $56,000 over his or her career would not have any guaranteed benefit—and would be forced to rely on a risky private account. SEE THE REPORT
