Here is an article talking about the success of a privatization system that has already been in place for 18 years:
The Alternate Plan has been successful for the past 18 years with a return on retirement investments of about 6-1/2%. That is at least three times the return on a like investment in Social Security right now.
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In the late 1970's it was becoming clear that Social Security was in financial trouble and that Congress was not dealing with it. What was less known was that local governments had an option to withdraw from Social Security and set up their own retirement programs. The Social Security Administration did require, however, a two-year notification prior to withdrawal. Galveston County submitted notification in 1979 using the ensuing two years to develop an alternative that would cover all county employees.
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There was, of course, no guarantee this plan would be as successful as designed; and there was considerable opposition from labor unions, minorities and other traditional supporters, including many elected officials. Social Security representatives debated the plan in the employee meetings. By then a majority of the Commissioners Court were strongly supportive of the Alternate Plan. An election for all county employees was scheduled. The election carried by about three to one in favor of the Alternate Plan and the Commissioners Court voted four to one to implement it on Jan. 1, 1981.
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As stated in a previous post, on this issue, this is where my support lays.