A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of a certain portion of amounts received as annuities, pension, or other retirement benefits by individuals who have attained age 65.

Amends the Internal Revenue Code to provide a tax exclusion for persons aged 65 or over for any amount received as an annuity, pension, or other retirement benefit. Limits the exclusion to $7,500 for single individuals and $5,000 for each married individual.