Time for a new common sense Social Security contract

Social Security and Medicare are financially unsustainable.  "Saving" them requires some kind of change:  increased taxes, reduced benefits, or some combination of both.  Personally I prefer a reduced benefits approach over increased taxes, though not one that impacts the current recipients of these transfer payments. 
As I see it the way to long term stability is to link the date one can start collecting with average life expectancy.  That would make me, born in 1957, eligible for benefits when I reach 69.5 years old.  For someone born today that would push the start of benefits to 80 years old.  Such a change would reduce the effective lifetime benefit while keeping the monthly benefit, indexed to inflation, unchanged.
If this change is insufficient to bring both into balance then and only then should we make the necessary tax increases to cover the remaining deficit.
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