A bill to amend the Social Security Act to provide for a minimum annual income (subject to subsequent increases to reflect the cost of living) of $3,850 in the case of elderly individuals and $5,200 in the case of elderly couples.

Provides under the Social Security Act for a minimum annual income of $3,850 in the case of a single individual and $5,200 in the case of married couples aged 62 and over.

Sets forth provisions governing the determination of annual income and payment of benefits.