Delayed Retirement Credits
The roughly 8% per year your Social Security benefit grows for each year you wait past full retirement age.
Delayed retirement credits increase your Social Security benefit for every month you postpone claiming past your full retirement age, up to age 70. The increase works out to about 8% per year — a guaranteed, inflation-protected return that's hard to match elsewhere, which is the core argument for waiting if you can afford to.
Whether to capture them depends on longevity, marital status, and your need for income in the meantime. Waiting maximizes the monthly check and the survivor benefit for a spouse, but it requires funding the gap years from other sources. There's no benefit to delaying past 70.
This definition is general information to help you understand a term, not financial, tax, or legal advice. Figures that change year to year (limits, thresholds, rates) should be confirmed against current official sources. For guidance on your situation, a licensed fee-only fiduciary is the right next step.