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 who is eligible for old-age insurance benefits but has not filed application therefor, may elect (on an annual basis) 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 title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to permit an individual who has attained age 65 and who is eligible for old age insurance benefits but has not filed for such benefits to elect to treat his or her employment or self-employment as excluded from the term "employment" for the purposes of the OASDI program and to exclude from social security taxes any income derive from employment or self-employment. Stipulates that such election: (1) by an employee does not exclude the employer from paying employer's social security taxes; and (2) does not exclude an individual from hospital insurance taxes if such individual has filed for such benefits.