A bill to amend title II of the Social Security Act to provide for a phasing out of the earnings limitation for workers of 65 years of age and over.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to decrease from 72 to 65 the age at which earning limitations are no longer applicable. Sets a schedule for such reduction by reducing the applicable age by one year every year through taxable years ending in 1984.