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 the Internal Revenue Code 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 eligible for old age 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 derived from employment or self-employment. Declares that such election: (1) does not exempt such individual's employer from paying employer's social security taxes; and (2) does not exempt such individual from paying hospital insurance taxes if such individual has filed for such benefits. if such individual has filed for such benefits.