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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Bucket-wheel excavators mine rare earth materials on Ukrainian soil on February 25, 2025, in the Zhytomyr region of Ukraine. (Kostiantyn Liberov via Getty Images)