Q: How much are Social Security retirement benefits increased if I defer past my full retirement age?

A:  You accrue “Delayed Retirement Credits,” which increase your benefits at a rate of 2/3rds of 1% for every month (8% per year, simple interest, not compounded) you wait beyond your full retirement age. Your benefits can increase by 32% if your full retirement age is 66 and you delay collecting until age 70.