For workers born in 1943 or later, what is the annual increase in the primary insurance amount due to the delayed retirement credit?

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Multiple Choice

For workers born in 1943 or later, what is the annual increase in the primary insurance amount due to the delayed retirement credit?

Explanation:
Delaying retirement beyond your full retirement age earns a yearly increase called a delayed retirement credit, applied to your primary insurance amount (PIA). For workers born in 1943 or later, this annual increase is 8% for each year you delay, up to age 70. So waiting one year adds 8% to the PIA, two years add 16%, and you can reach a maximum of 32% if you delay for four years. That’s why the correct annual increase is 8 percent—the rate applies specifically to those born in 1943 or later. The smaller per-year credits apply to earlier birth years.

Delaying retirement beyond your full retirement age earns a yearly increase called a delayed retirement credit, applied to your primary insurance amount (PIA). For workers born in 1943 or later, this annual increase is 8% for each year you delay, up to age 70. So waiting one year adds 8% to the PIA, two years add 16%, and you can reach a maximum of 32% if you delay for four years. That’s why the correct annual increase is 8 percent—the rate applies specifically to those born in 1943 or later. The smaller per-year credits apply to earlier birth years.

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