The program ends for those twenty years from retirement. They cannot receive benefits and must fund their own retirement but at least they have advance notice and they own their retirement and are not at the mercy of the government. Your line about older people not paying into the system is absurd. They've paid into the system their entire working lives, many more years than the someone younger is capable of.
"The reality is this - people retiring have more assets then those starting out. Social security robs people when they are poor and young to pay for those who are wealthy and dont need the benefits. This is wrong"
This is what Obama would say.
You stop theft by stopping theft. Not by setting it up so that the theft continues.
If the people receiving benefits want them to continue, then they should continue financing them.