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.