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What are Delayed Retirement Credits (DRCs)?
Individuals who defer claiming of Social Security benefits past their Full Retirement Age (FRA) will receive an increase of 2/3 of 1% per month in the size of their FRA benefit up until the age of 70. On an annual basis, that increase is 8% per year, thus it will have a dramatic impact on the benefit amount over time, as noted between ages 66 and 70 in the graph below.
Credit by Election Age | |
66 | 100% |
67 | 108% |
68 | 116% |
69 | 124% |
70 | 132% |
The chart above is for people born between 1943 and 1954. For the years following, FRA increases by 2 months up until age 67.