A bill to amend the Internal Revenue Code of 1954 to provide a partial exclusion from gross income of certain retirement benefits received by taxpayers who have attained age 65.

Amends the Internal Revenue Code to exclude from gross income of individuals age 65 or over amounts received as annuities, pensions, or other retirement benefits. Limits the amount of such exclusion to $10,000 reduced by the amount of benefits received under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act or the Railroad Retirement Act of 1974.