The method to accomplish this is a generational phase-in of a system of personal accounts. They would operate just like the retirement system that is available to federal workers, administered by the Federal Government. Because of the power of compound interest, the future recipients would retire wealthy, and not with just a pittance. Let workers begin to chose today to contribute a small amount (1%), to accounts of this type. Over time the amount of contribution would be no more than 4%. This leaves plenty of money, 90-70% to fund the present system. If all eligible workers chose today to contribute that 1% (moving to 4%) of their income, then the cost to the social security system is less than 20 billion dollars per annum (increasing to 80 billion). This is the short term cost. This amount would be financed by treasury bonds. This is a small price to pay, to gradually replace an unfunded liability with a funded liabilty (asset). Remember, the unfunded liability of SS is 29 trillion dollars. This would be the long term savings of the President's proposal. As for your assertion that it is too late, it is never too late to stop a failed system. It is never too late to do the right thing. The President has not asked her to support a plan he has not presented. He has asked her to engage in solving the problem, the answer to which should involve personal accounts. Not tax increases or benefit cuts.
The entire vision of the President is that even minimum wage earners can retire wealthy because of the power of compound returns fueled by the finest economy the world has ever known - the American enterpanuerial system.