A bill to provide an immediate 15 percent increase in social security benefits (over and above any regular cost-of-living increases in such benefits), and to provide that full social security benefits (when based upon the attainment of retirement age), and medicare benefits, will be payable at age 50.

Directs the Secretary of Health, Education, and Welfare to increase all monthly benefits and lump-sum death payments under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act by 15 percent over and above any regular cost-of-living increases in such benefits.

Defines the term "retirement age" under such Title as age 50. Amends such Title to require payment of unreduced social security benefits when eligibility for such benefits is based upon the attainment of retirement age.

Amends Title II and Title XVIII (Medicare) of the Social Security Act to require the extension of full Medicare coverage to an individual at age 50.

Amends the Internal Revenue Code of 1954 and the Railroad Retirement Act of 1974 to reflect the reduction in the age requirement under this Act for the payment of full social security benefits at age 50.