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.  

The chart above is for people born between 1943 and 1954. For the years following, FRA increases by 2 months up until age 67.