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 (subject to subsequent increases based on Bureau of Labor Statistics to reflect the cost of living) of $3,850 in the case of elderly (over 62) individuals and $5,200 in the case of elderly couples.

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

Authorizes to be appropriated for each fiscal year the sums necessary to carry out the provisions of this Act.