A bill to amend the Internal Revenue Code of 1954 to repeal the earned income limitation on the deduction for retirement savings and the age 70 1/2 limitation on the deduction and distribution of retirement savings.

Amends the Internal Revenue Code to allow a maximum $2,000 per year income tax deduction for contributions to an individual retirement account regardless of the earned compensation of the taxpayer.

Repeals the age 70 and one-half limitation for taxpayers eligible for an income tax deduction for contributions to an individual retirement account. Repeals the requirement that distributions to a taxpayer from an individual retirement account must begin at age 70 and one-half.