Delayed Retirement Credits · Also called: delaying to 70
For each month you delay claiming past full retirement age, up to age 70, your benefit rises by 2/3 of 1% (8% per year). Nothing is gained by waiting past 70.
The 8%-per-year rate applies to anyone born in 1943 or later. Credits are simple, not compounded: with a full retirement age of 67, claiming at 70 pays 124% of the PIA, before cost-of-living adjustments.
Delayed credits are not added to spousal benefits, but they do carry over to a surviving spouse, which is why the higher earner's claiming age matters most for a couple.