A bill to amend title II of the Social Security Act to increase to $4,800 the amount of outside earnings which (subject to future cost-of-living adjustments) is permitted any individual each year without deductions from benefits thereunder, with further increases in the case of individuals receiving less than the maximum provided for benefits of the type involved.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to increase to $4,800 the amount of annual income an individual receiving maximum benefits under such Title may earn without a reduction in such benefits.

Permits individuals receiving less than maximum benefits to earn the difference between the amount of benefits they receive and the sum of the exempt amount and the maximum amount of benefits allowable under such Title without a reduction in benefits.