A bill to amend title II of the Social Security Act and the Internal Revenue Code of 1954 to provide that an individual who has attained age 65, and is entitled to old-age insurance benefits, may elect to treat his or her employment or self-employment as not covered for social security benefit purposes and as exempt from social security taxes.

Amends the Internal Revenue Code of 1954 and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to permit an individual who has attained age 65 and is entitled to old-age insurance benefits to treat his or her employment of self-employment as excluded from the term "employment" for the purposes of the OASDI program and to exclude any income so derived from the applicable social security taxes.