A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of certain retirement benefits received by individuals who have attained age fifty-five.

Amends the Internal Revenue Code to allow individuals age 55 or over a $17,000 exclusion from gross income for any amount received as an annuity, pension or other retirement benefit.

Provides that in the case of a joint return the $17,000 limitation shall be applied separately with respect to each individual.