A bill to amend title II of the Social Security Act to increase to $5,100 the annual amount which individuals may earn without suffering deductions from benefits and to provide for an eventual phasing out of such limitation for workers 65 years of age and over.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to increase to $5,100 the amount of outside earnings which is permitted an individual each year without any deduction from benefits under such title.

Establishes a schedule under which the age at which such deductions will not be taken at all will be reduced from age 72 to 65 by the year 1984.