For those with no safety net, social security benefits are all some elderly have to live on. Remove the $106,000 income cap so that earners above that level will continue to contribute incrementally just as we do with income taxes. This will keep the SSI solvent for years to come.
Also give the wealthy the option of opting out of receiving their benefits. This would free up those funds for the general pool of recipients. Maybe they could receive some sort of tax credit for this act of generosity.