For those who have missed the underlying theme of the Republican Party it is shifting the risks of life from their upper class & corporate base to wage earners and small businesses.
That's what "tort reform" is all about, limiting the risks for corporations and insurance companies. The gutting of EPA and other regulatory agencies reduces the risks for polluters. The tax and Social Security reforms are shifting the costs and risks down to wage earners.
Social Security is good to go for the next 50 years. The only change necessary is to lift the cap on contributions and it is good forever. Social Security is an insurance program, the bare minimum pension.
The people who are now calling for reform screamed bloody murder when Bill Clinton suggested moving some of the Social Security trust fund from T-Bills into the stock market. This was at a time you could make money in the stock market. Now they want to do it when you can make more money in a pass-book savings account than the stock market. You are not going to "save" Social Security by de-funding it; you are just going to drive up the deficit.
I would also wonder about the status of this "personal Social Security fund" in the event of bankruptcy or divorce; is it off-limits, or can it be claimed by a credit card company or hospital?