An SS solution

For years, I've been hearing that the Social Security System is running out of money and that by (various dates) sometime soon, it will be broke.
First of all understand that originally, Social Security was a separate fund, until 1965 when it was so large that greedy politicians moved all of the money into the General Fund, and that's when all the pork barrel spending started (thank you LBJ).
In order for those collecting Social Security benefits to continue to for the rest of their lives, and future generations receive payments, I propose the following:
(ages and percentages may be modified after the next census)
(1) As of Dec. 31, 2010, all persons over 40 that have contributed to Social Security Taxes, be "grandfathered" and allowed to receive benefits that are in effect today (including the COLA).
(2) A separate fund be set up called the "Retirement Benefits Program" (BRP) for everyone else. This fund will receive 3% (mandatory by law) of all earned wages (no limit) and be credited with interest not to go below 3% per year. The money in this fund will be used to buy United States Treasury Bonds.
Those that are self employed may participate with their 3% yearly contribution.
Upon retirement or reaching age 55, everyone that has contributed to the BRP will have to designate which annuity the plan will purchase for them (giving the individual complete credit for all contributions and interest earned) that will give them an annual income for life. In most cases, the lifetime income will be far in excess of what they would have gotten from Social Security (even if it was solvent).
Within one generation, the future retirees will be guaranteed a retirement income as well as it being of no expense (other than interest on the Treasuries) to the government, as well as practically all Social Security recipients will have passed on, making the payout for Social Security benefits dwindle away.
Of course, those that earn more and contribute more will be entitled to more. Those that don't contribute anything will be entitled to nothing.
At no time can this fund go broke or be "under-funded" because its investment is in the ability of the United States to buy back its Treasuries.
This plan covers all those that are contributors, leaving out those that failed to contribute. A plan of this type can go on indefinitely with no hardship on the taxpayer.
Since this is just a general overview, please write to me for either more explicit details or suggestion for improvement. Social Security must no longer be a Ponzi scheme and must become a thing of the past. When the last person that is "grandfathered" in the Social Security System passes on, the "books will be closed" on Social Security benefits forever.