A bill to amend title II of the Social Security Act to provide that the provisions thereof requiring deductions from benefits on account of excess earnings shall not be applied to any individual, if and to the extent that the application of such provisions would reduce the individual's annual income, in the form of earnings and social security benefits, to less than $7,800 (which amount shall be annually adjusted to reflect increases in the cost of living.)

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to provide that the provisions thereof requiring deductions from benefits on account of excess earnings shall not be applied to any individual, if and to the extent that the application of such provisions whould reduce the individual's annual income, in the form of earnings and social security benefits, to less than $7,800. Provides for the annual adjustment of such amount to reflect increases in the cost of living.