The only solution for Socialist Security is to dismantle the whole thing. Cease all new "contributions" paid to the government by employees and employers. Offer everyone a lump sum payment consisting of accumulate employee contributons and employer contributons, plus accrued interest. Most people under about 50 years of age would take the lump sum. This would provide $$$billions in private capital to the economy, as people invest their money. Older people would probably stay with SS, so it would take 20-30 years to completely unwind this socialist ponzi scheme.
Democrats/Socialists and fake capitalists will all say this is impossible.
I'd be happy with a transition to personal retirement accounts, state control (as opposed to federal control), and conversion to an opt-in/opt-out program. I would opt out in a heartbeat (I'm 39). :-)
What you propose is similar to what corporations converting from defined benefit retirement plans to defined contribution plans have done.
The sob stories are legion, as are the law suits. And people of all ages complain about being "discriminated against" (that's a politically correct way to whine).
I think that people who have been in a defined contribution retirement plan for some years (maybe 10 or so) will very much like to convert their SS to a private plan. I don't know if that will be enough to get the changes implemented before SS is in a real crisis, though.