Those born in 1943 or later receive 8 percent more benefits a year for every year they wait to draw Social Security benefits past the full retirement age. This is called the delayed retirement credit.
People retiring at age 66 this year would get their full benefit. But if they wait until age 70, they would get 32 percent more. Social Security benefits are thus 57 percent higher at age 70 than at age 62.
The delayed retirement credit is an extraordinarily good deal – where else can one get a guaranteed 8 percent annual return these days?