After workers reach full retirement age, they receive special credit--referred to as a "delayed retirement credit" (DRC)--for each full month before age 70 in which they are eligible for, but do not receive Social Security benefits. Any DRC that a worker earns also applies to the benefits of the worker's widow or widower. The rate of this DRC varies according to the worker's year of birth. How Much Will Delayed Retirement Benefits Increase My Benefit? Year of Birth | Yearly Rate of Increase | Monthly Rate of Increase | 1930 | 4.5% | 3/8 of 1% | 1931-1932 | 5.0% | 5/12 of 1% | 1933-1934 | 5.5% | 11/24 of 1% | 1935-1936 | 6.0% | 1/2 of 1% | 1937-1938 | 6.5% | 13/24 of 1% | 1939-1940 | 7.0% | 7/12 of 1% | 1941-1942 | 7.5% | 5/8 of 1% | 1943 or later | 8.0% | 2/3 of 1% |
For a calculator to help you compute the amount of your delayed retirement credits, see http://www.ssa.gov/OACT/quickcalc/early_late.html More information may be found in our publication called "Retirement Benefits", publication number 05-10035, which is available on the Internet at: http://www.socialsecurity.gov/pubs/10035.html
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