I don’t think that will come close to solving the problem. The estimates are that under current taxes and payments there is only 2/3 the amount of money needed long term. Benefits would have to be cut by one-third (across the board or focused on the rich or the youngest retirees like you suggest), taxes increased by 50% or some combination of the two. Early retirees who are 62 and normal age retirees between 67 and 67.25 years old don’t consume one third of the social security payments.
Hate to say it but I think what will happen is that they will get rid of the SS tax cap. Right no only the first $118,500 of income is subjected to SS tax. I’ve seen estimates that if you got rid of the cap it would fund SS until the 2070s. If you also put a maximum cap on benefits it would extend it even longer. I think this will be the most politically viable way of saving SS.
As far as getting rid of it totally I believe that is impossible. If we tried to do that the democrats would hammer us. And with 66% of retired people depending on SS for 50% or more of their retirement we might never win another election.
You don’t need much to get SS in the black. Its not that far. If you use more current data you can see that full employment is helping the numbers already. Inflation would be helpful as well. And add to that, a slight push on the retirement age and the one year push back on the early retirement age should get SS to about even. 2009 thru 2012 hurt the SS “fund”. But its better and will be better still with inflation and full employment. Remember SS has a bad 30 years that started when the baby boomers started to retire in 2012. By 2042 the boomers will be dead and the pool of payers will be much larger.