There are, in face, lots of versions of plans like this. Fixing Social Security really isn't remotely difficulty from a conceptual standpoint. As always, the difficulty lies in our politics, and inability to compromise.
No, there is another way that will work for the next 75 years and its the same thing they did in 1983 - and one more step. Raise retirement age gradually over decades, raise the SSN tax by 2% - split by employer/employee, and... remove the wage cap. That fixes shit until 2100.