Microeconomy Q on social security, any heads up?

[Who R U]

Suppose that the following Social Security reform became law: All current Social Security recipients will continue to receive their benefits, but no increase will be made other than cost of living adjustments: U.S citizens between age 40 and retirement not yet on Social Security can opt to continue with the current system; those who opt out can place what they would have contributed to Social Security into one or more goverment-approved mutual funds; and those under 40 must place their contributions into one or more government-approved mutual funds.
Answer the following questions:

1- Who will be in favor of this reform and why?

2- Who will be against this reform and why?

3- What might happen to stock market indexes?

4- What additional risk is involved for those who end up in the private system?

5- What additional benefits are possible for the people in the private system?

6- which firms in the mutual fund industry might not be approved by the federal government and why?