It is difficult to understand how more Americans will achieve retirement security without innovation in the pension system. Innovation involves trying out new ideas and approaches, learning by trial and error. The federal government has a role to play in a learning pension system. First, it can be a catalyst for innovation. Second, it can create the regulatory space in which new approaches can be tried.

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Ceremonial soldiers parade during the 79th anniversary of the Victory Day in Red Square in Moscow, Russia, on May 9, 2024. (Sefa Karacan via Getty Images)