it will go bankrupt around 2040-2060 depends on your projection of income growth and population growth, what will happen is combination of following things:
1. some form of privatization of Social Security.
2. incease or remove social security taxable limit.
3. reduce benefit for top income earners.
4. increase retirement age.

Bush has the right idea of partially privatize SS, but he did a lousy job of selling it, it was killed even before it got off the ground.