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 retirement age, 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 retirement age and is eligible for old age insurance benefits but has not filed for such benefits to elect, on an annual basis, to have his or her employment or self-employment excluded from the term "employment" for purposes of the OASDI program and to be exempt from social security taxes. Provides that such an election: (1) does not exempt an individual's employer from paying employer's social security taxes; and (2) does not exempt an individual from paying hospital insurance taxes if he or she has filed for hospital insurance benefits.