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 age 65, and for other purposes.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase for each year from 1994 through 1998 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.