(MONEY Magazine) – President Bush's plan to overhaul Social Security has landed with a thud. Democrats have been united in opposition, and polls have shown voters don't like the idea either. So what might the next version of reform look like, if there is one? Two leading possibilities:

• SMALLER ACCOUNTS The President proposed letting you put as much as 4% of your wages into private accounts instead of into traditional Social Security. The Senate may prefer diverting less into accounts, so that the government's transition costs are lower.

• BENEFIT CUTS FOR THE RICH And you too. Bush and Congress are now considering cutting the benefits of high-income future retirees by indexing payouts to inflation instead of wages. The poorest would still have their benefits determined by the more generous wage-growth formula. The rest of us would have our future benefits grow partly with wages and partly with prices. --PAT REGNIER