A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of a certain portion of amounts received as annuities, pensions, or other retirement benefits by individuals who have attained age 65.

Amends the Internal Revenue Code to exclude from the gross income of individuals age 65 or over amounts received as an annuity, pension, or other retirement benefit. Limits the exclusion to $7,500 for single individuals and $5,000 for each married individual.