To amend title II of the Social Security Act to phase out the earnings test over a 5-year period for individuals who have attained retirement age, and for other purposes.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase by $3,000 for each year from 1991 through 1995 the amount of outside income which beneficiaries who have attained retirement age may earn without incurring a reduction in benefits. Removes such income limitation thereafter. Accelerates the effective dates of increases in the delayed retirement credit rate for individuals who work beyond retirement age.