A bill to amend section 37 of the Internal Revenue Code of 1954 to make the tax treatment of retirement income comparable to that of social security income.

Amends the Internal Revenue Code to allow a tax credit for amounts received by an individual as a pension, annuity, or other benefit under a retirement system maintained by the United States or any agency thereof to the extent that such amounts do not exceed the maximum social security benefit for the year.

Defines the term "maximum social security benefits" to include the maximum amount of earnings which could be received by an individual entitled to old-age insurance benefits without a reduction in such benefits.

Reduces the retirement tax credit of an individual who has attained age 62 before the close of the taxable year by 50 percent of the amount of earned income in excess of the maximum amount certified under the provisions of this Act.