A bill to amend title II of the Social Security Act to phase out the earnings limitation on beneficiaries, by increasing the limitation to $5,000 in 1978 and to $7,500 in 1979, and to eliminate it in 1980.

Amends Title II (Old-age, Survivors, and Disability Insurance) of the Social Security Act and the Railroad Retirement Act of 1974 to phase out the limitations on the amount which beneficiaries may earn without a deduction in benefits. Increases the yearly limitation to $5,000 in 1978, $7,500 in 1979, and eliminates the limitation in 1980.