Using Delayed Retirement Credits to boost your Social Security benefit
Nearly everyone approaching retirement knows that if you take your Social Security benefit as soon as you are eligible at age 62, you’re going to be receiving less than your otherwise would. All Social Security benefits are computed from the benefit you are due at your full retirement age, or “FRA”, which is when you’ll get 100% of what you’ve earned from a life time of working. Take benefits any earlier than that and they’ll be less. But less known is that if you wait beyond your FRA to apply, you’ll earn delayed retirement credits, or “DRCs”, which means your Social Security check will be bigger when you finally claim benefits. This Motley Fool article by Dan Caplinger explains how DRCs work and how you can use them to get the maximum Social Security benefit. Click here to read more.