Bob Graham of Florida has calculated that the current formula can keep Social Security fully funded until after 2050.

NPR: Much at Stake in Defining Social Security 'Crisis'

With personal accounts, such price-indexing was completely unnecessary, as workers over time would be replacing the promised wage-indexed benefits, which Social Security admittedly cannot finance, with the fully funded personal account benefits financed by real savings and investment.

FORBES: How George W. Bush Lost Personal Accounts For Social Security

It would also dramatically reduce government spending and the unfunded liabilities of Social Security over the long run, as benefits paid by the fully funded, private market personal accounts replace federal spending.

FORBES: Magazine Article