Fixing Social Security in the short term isn't all that difficult. First, adjust the retirement age up slowly to reflect the actual anticipated life span of the person collecting benefits. At one time 62 was old age. For most people that is no longer the case and they collect benefits for a much longer period than they did even 25 years ago. Adjusting the retirement age upwards would remove the entitlement portion of old age benefits
Second, one of the primary problems with social security is that the number of people collecting disability payments (often without contributing much at all to the program) has exploded in the past 25 years. This needs a hard look as it has introduced a welfare aspect into a program which was originally intended to provide a base retirement income to those who paid into it.
Once these are done the current system would once again be solvent. Then we can take steps to privatize it for young people.
Finally, This government is just going to have to take the bullet and remove Social Security from the general budget and put it back into a trust fund status.
I’m for what you set out above with the exception of the last sentence. Setting up a true trust fund is a problem. Government would become a pension manager with massive control over securities markets . . . and would inevitably make massive mistakes. An option to opt completely out of the system is needed. Individuals would need to make the investment decisions, not government, for the pension as well. It’s too big for government to handle.
I’m also for means testing payments. Taxing the poor to give to the rich is wrong.