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 the amount of outside income which beneficiaries who have attained retirement age may earn (earnings test) during 1997 through 2001 without incurring a reduction in benefits. Eliminates such income limitation for taxable years ending after 2000 for individuals who have attained retirement age.

Accelerates the effective dates of increases in the delayed retirement credit rate for individuals who work beyond retirement age.