Yes, privatizing social security has worked elsewhere, for example in Chilie. When Chilie privatized their social security, they all became rich quickly. When social security is privatized, the funds are actually kept in a lock box for the person who earned them. Earnings are not artificially deflated because of administrative funds.
I feel like the federal government has a place, and they have a responsibility to provide safety nets, but as far as people who are not in the poverty category, I feel like they should be able to choose which options they would like, rather than a one size fits all.