Delayed Retirement Credits Explained

Delayed Retirement Credits Explained
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Tom Margenau
Updated:

People who delay starting their Social Security beyond their full retirement age get a bonus equal to two-thirds of 1% added to their Social Security checks for each month they wait to begin benefits. If your full retirement age is 66, that comes out to a 32% bonus if you wait until age 70 to file for benefits. If your full retirement age is 67, it ends up being an extra 24% if you wait until 70. If your retirement age is between 66 and 67, your age 70 bonus will be between 24% and 32%. (There is no bonus added after age 70.)

The rules regarding this bonus (the actual Social Security term is “delayed retirement credits,” or DRCs) cause lots of confusion with many seniors. Today’s questions come from folks who are having trouble understanding this issue.

Tom Margenau
Tom Margenau
Author
Tom Margenau worked for 32 years in a variety of positions for the Social Security Administration before retiring in 2005. He has served as the director of SSA’s public information office, the chief editor of more than 100 SSA publications, a deputy press officer and spokesman, and a speechwriter for the commissioner of Social Security. For 12 years, he also wrote Social Security columns for local newspapers, and recently published the book “Social Security: Simple and Smart.” If you have a Social Security question, contact him at [email protected]
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