A bill to liberalize the retirement earnings limitation under the Social Security Act.

Lowers from 72 to 70 the age at which all earnings become excluded in determining excess earnings under title II (Old-Age, Survivors' and Disability Insurance) of the Social Security Act.

Prescribes exempt amounts for each month for taxable years 1976-1984 (after which all amounts shall be exempt) in determining the amount of outside earnings which may be excluded for purposes of entitlement to benefits under title II of the Social Security Act. (Amends 42 U.S.C. 203(f))