A bill to amend the Internal Revenue Code of 1986 to provide a partial exclusion from gross income of certain retirement benefits received by taxpayers who have attained age 65.

Amends the Internal Revenue Code to allow a partial exclusion from gross income of amounts received as an annuity, pension, or other retirement benefit by a taxpayer who has attained the age of 65.

Limits the amount of such exclusion to an amount equal to $10,000 minus benefits received under title II of (Old Age, Survivors and Disability Insurance) the Social Security Act or under certain sections of the Railroad Retirement Act of 1974.