TN 28 (11-14)

RS 00615.693 Estimating the Effect of Delayed Retirement Credits

A. Background

The 1983 Amendments changed the age at which delayed retirement credits (DRC) stopped accruing from the month before attainment of age 72 to the month before attainment of age 70. The percentage that each DRC is worth also changed. In addition, the change in full retirement age (FRA) from age 65 to age 67 means that the number of potential DRC months also changed.

B. Estimated delayed retirement credits for dates of birth after 01/01/1940

The chart that follows shows the amount of credit for a DRC based on the person’s date of birth. The chart also shows how much the monthly benefit amount (MBA) increases based on the total number of DRCs earned. This chart shows the increase as a percentage and you should only use it to provide an estimate to a numberholder (NH). As explained in RS 00615.692.B., use the fraction to avoid a rounding error for anything other than an estimate. Use the chart to help someone make a determination on the most advantageous month to begin receiving benefits by following the steps below:

  1. Find the column that represents the date of birth.

  2. Go down to the age at which retirement will start.

  3. The result is the percentage of the PIA, or MBA payable after adding the credits for delayed retirement or voluntary suspension. NOTE: Other reductions or deductions could apply, so only use this chart to provide payment options.

Date of Birth =

01/02/40 thru 01/01/41

01/02/41 thru 01/01/42

01/02/42 thru 01/01/43

01/02/43 thru 01/01/55

01/02/55 thru 01/01/56

01/02/56 thru 01/01/57

01/02/57 thru 01/01/58

01/02/58 thru 01/01/59

01/02/59 thru 01/01/60

after 01/01/60

FRA =

65+6

65+8

65+10

66

66+2

66+4

66+6

66+8

66+10

67

DRC fraction of 1% per Month =

7/12

5/8

5/8

2/3

2/3

2/3

2/3

2/3

2/3

2/3

Yearly credit

7%

7.5%

7.5%

8%

8%

8%

8%

8%

8%

8%

If Benefits Start at:

  % of MBA

 % of MBA

% of MBA 

 % of MBA

 % of MBA

 % of MBA

 % of MBA

% of MBA 

 % of MBA

  % of MBA

Age 70

131.5

132.5

131.3

132.0

130.7

129.3

128.0

126.7

125.3

124.0

69+11

130.9

131.9

130.6

131.3

130.0

128.7

127.3

126.0

124.7

123.3

69+10

130.3

131.3

130.0

130.7

129.3

128.0

126.7

125.3

124.0

122.7

69+9

129.8

130.6

129.4

130.0

128.7

127.3

126.0

124.7

123.3

122.0

69+8

129.2

130.0

128.8

129.3

128.0

126.7

125.3

124.0

122.7

121.3

69+7

128.6

129.4

128.1

128.7

127.3

126.0

124.7

123.3

122.0

120.7

69+6

128.0

128.8

127.5

128.0

126.7

125.3

124.0

122.7

121.3

120.0

69+5

127.4

128.1

126.9

127.3

126.0

124.7

123.3

122.0

120.7

119.3

69+4

126.8

127.5

126.3

126.7

125.3

124.0

122.7

121.3

120.0

118.7

69+3

126.3

126.9

125.6

126.0

124.7

123.3

122.0

120.7

119.3

118.0

69+2

125.7

126.3

125.0

125.3

124.0

122.7

121.3

120.0

118.7

117.3

69+1

125.1

125.6

124.4

124.7

123.3

122.0

120.7

119.3

118.0

116.7

Age 69

124.5

125.0

123.8

124.0

122.7

121.3

120.0

118.7

117.3

116.0

68+11

123.9

124.4

123.1

123.3

122.0

120.7

119.3

118.0

116.7

115.3

68+10

123.3

123.8

122.5

122.7

121.3

120.0

118.7

117.3

116.0

114.7

68+9

122.8

123.1

121.9

122.0

120.7

119.3

118.0

116.7

115.3

114.0

68+8

122.2

122.5

121.3

121.3

120.0

118.7

117.3

116.0

114.7

113.3

68+7

121.6

121.9

120.6

120.7

119.3

118.0

116.7

115.3

114.0

112.7

68+6

121.0

121.3

120.0

120.0

118.7

117.3

116.0

114.7

113.3

112.0

68+5

120.4

120.6

119.4

119.3

118.0

116.7

115.3

114.0

112.7

111.3

68+4

119.8

120.0

118.8

118.7

117.3

116.0

114.7

113.3

112.0

110.7

68+3

119.3

119.4

118.1

118.0

116.7

115.3

114.0

112.7

111.3

110.0

68+2

118.7

118.8

117.5

117.3

116.0

114.7

113.3

112.0

110.7

109.3

68+1

118.1

118.1

116.9

116.7

115.3

114.0

112.7

111.3

110.0

108.7

Age 68

117.5

117.5

116.3

116.0

114.7

113.3

112.0

110.7

109.3

108.0

67+11

116.9

116.9

115.6

115.3

114.0

112.7

111.3

110.0

108.7

107.3

67+10

116.3

116.3

115.0

114.7

113.3

112.0

110.7

109.3

108.0

106.7

67+9

115.8

115.6

114.4

114.0

112.7

111.3

110.0

108.7

107.3

106.0

67+8

115.2

115.0

113.8

113.3

112.0

110.7

109.3

108.0

106.7

105.3

67+7

114.6

114.4

113.1

112.7

111.3

110.0

108.7

107.3

106.0

104.7

67+6

114.0

113.8

112.5

112.0

110.7

109.3

108.0

106.7

105.3

104.0

67+5

113.4

113.1

111.9

111.3

110.0

108.7

107.3

106.0

104.7

103.3

67+4

112.8

112.5

111.3

110.7

109.3

108.0

106.7

105.3

104.0

102.7

67+3

112.3

111.9

110.6

110.0

108.7

107.3

106.0

104.7

103.3

102.0

67+2

111.7

111.3

110.0

109.3

108.0

106.7

105.3

104.0

102.7

101.3

67+1

111.1

110.6

109.4

108.7

107.3

106.0

104.7

103.3

102.0

100.7

Age 67

110.5

110.0

108.8

108.0

106.7

105.3

104.0

102.7

101.3

100.0

66+11

109.9

109.4

108.1

107.3

106.0

104.7

103.3

102.0

100.7

No DRC

66+10

109.3

108.8

107.5

106.7

105.3

104.0

102.7

101.3

100.0

No DRC

66+9

108.8

108.1

106.9

106.0

104.7

103.3

102.0

100.7

No DRC

No DRC

66+8

108.2

107.5

106.3

105.3

104.0

102.7

101.3

100.0

No DRC

No DRC

66+7

107.6

106.9

105.6

104.7

103.3

102.0

100.7

No DRC

No DRC

No DRC

66+6

107.0

106.3

105.0

104.0

102.7

101.3

100.0

No DRC

No DRC

No DRC

66+5

106.4

105.6

104.4

103.3

102.0

100.7

No DRC

No DRC

No DRC

No DRC

66+4

105.8

105.0

103.8

102.7

101.3

100.0

No DRC

No DRC

No DRC

No DRC

66+3

105.3

104.4

103.1

102.0

100.7

No DRC

No DRC

No DRC

No DRC

No DRC

66+2

104.7

103.8

102.5

101.3

100.0

No DRC

No DRC

No DRC

No DRC

No DRC

66+1

104.1

103.1

101.9

100.7

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

Age 66

103.5

102.5

101.3

100.0

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+11

102.9

101.9

100.6

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+10

102.3

101.3

100.0

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+9

101.8

100.6

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+8

101.2

100.0

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+7

100.6

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+6

100.0

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+5

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+4

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+3

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

No DRC

65+2

No DRC

No DRC

No DRC

No DRC

N