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Social Security is the foundation of financial security for Americans when workers retire, face severe disability, or suffer the death of a working parent or spouse. Yet benefits are modest,
and the program was created in the context of much different demographic and economic trends than those that prevail today. As our nation looks to ensure Social Security’s future, we must
keep what works, make improvements where needed, and take steps toward long-term financial stability. In 2017, AARP launched its first Social Security Innovation Challenge to identify policy
solutions that would strengthen economic security for American workers and retirees by achieving Social Security solvency and maintaining benefit adequacy for future generations. Through
the Challenge, scholars and researchers were invited to submit ideas from a variety of disciplines. Applicants were encouraged to consider macro trends (e.g., in the workforce, income,
wealth, savings rates, life expectancy, fertility rates, marital status) and to take an innovative look at policy options that address these trends.
