On my first response to your question, the one that starts "Modify them," I put a link that discusses this in detail, containing half a dozen more links with more information.

If you were actually interested in the answer you could have checked out Ryan's proposed ideas yourself.

As far as entitlements are concerned versus competitive private solutions?

Right now the government is promising trillions in money that it doesn't have and never will, has already spent all the money it has taken in that was earmarked for that purpose, and is paying current entitlements off with money that taxpayers are putting into the fund for their own futures.

Go look up what Madoff did.