State of the Union

I found the State of the Union to be more than just a bunch of rhetoric. Actually, the President brought up an issue that may change the outcome of our future retirement, "Social Security". Not only has he proposed an overhaul to the system but he has started a tour to promote his plan. To me, that isn't just a bunch of rhetoric, it actually sounds pretty serious. As we're talking about free markets, I would like to learn more about the President's plan, how it would be implemented, and how potentially beneficial or detrimental it could be if passed. From what I understand, it will be privatized and each payer would have their own account. The money would be invested and whatever the payer puts in is invested in themself. I'm sure it's more complicated than that, but if it really worked the way that I understand it, it would be much better than paying for everybody else's retirement and then not having any when it's our turn to retire.