All we Gen-X/Gen-Y have to do is wait until enough of the baby boomers are too senile to vote or are 6 feet under, then we can vote Social Security into oblivion and leave them hanging out to dry.
I'm not putting much faith in this, though, so I am working hard now to amass a small fortune, then stash it in Switzerland somewhere and move myself to Belize or Costa Rica.
Two problems with your scheme:
First, the government will continue to tax you heavily to pay Social Security benefits while you wait for enough of the baby boomers to leave the scene.
Second, there is no reason to believe that enough Gen-X/Gen-Y people will be willing to give up their Social Security benefits when their time comes. My guess is that most will demand to get their "entitlement" just as their elders have.
I was born at the tail end of the Baby Boomers... Can I stick with the Gen X and Y :)
Social Security has no chance of disappearing unless Americans realize it was never intended to be the sole source of post-retirement income.
"We can't support ourselves on Social Security" has become the rallying cry of the AARP. However, instead of proposing strategies involving responsible personal investment (low-to-no risk), the AARP, the RATs, and the media clamor for the government safety net to be expanded ad infinitum.
The bigger they make the net, the more likely it is we're all going to end up tangled in it.