Unwilling to stuff envelopes or go off quietly to the sidelines, thousands of innovators in their 50s, 60s, 70s and beyond are combining their creativity and experience to address big social problems. These change-makers are taking matters into their own hands and fashioning a new vision of the second half of life, one in which the expertise and talent of a lifetime is refocused on finding solutions to challenges in our communities, our country, and the world.

The Purpose Prize, now in its fourth year, provides five $100,000 and five $50,000 awards to social innovators over 60 in encore careers. It is the nation's only large-scale investment in social innovators in the second half of life. Rather than a lifetime achievement award, however, The Purpose Prize is a down payment on what these 60-plus innovators will do next.

"In tough economic times, we need more creative solutions to long-standing social problems," said Marc Freedman, co-founder of The Purpose Prize program and author of Encore: Finding Work That Matters in the Second Half of Life. "It's reassuring to note that as America ages, we have creativity in greater abundance. Purpose Prize winners show that experience and innovation can go hand in hand, that inventiveness is not the sole province of the young."

Each year, the initiative also recognizes dozens of other socially engaged leaders in encore careers as Purpose Prize Fellows – individuals who have redefined the so-called "retirement" years. To date, nearly 60 innovators have been named Purpose Prize winners, and hundreds more have been recognized as Fellows.