RARE Act I

Retired Americans Right of Employment Act I (RARE Act I) - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to repeal the limitation on the amount of outside income which beneficiaries who have attained early retirement age may earn (earnings test) without incurring a reduction in benefits. Provides for the use of all years of earnings in benefit computation, actuarial adjustment for early retirement, and acceleration of increase in delayed retirement credit.

Amends the Internal Revenue Code to reduce by ten percent the Federal Insurance Contributions Act (FICA) tax rate on the income of every individual who has attained early retirement age.