Can you explain what the 8 percent yearly growth is for social security benefits

Hi. I assume what you're referring to are delayed retirement credits (DRC). Social Security increases a person's Social Security retirement benefit rate by 2/3rds of 1% for each month that they opt not to collect their Social Security retirement benefits from the month they reach full retirement age (FRA) until the month they reach age 70. Twelve months times 2/3rds of 1% per month amounts to an 8% increase for each 12 months of DRCs earned.

For example, say Bob's primary insurance amount (PIA) is $1000. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA). Bob's FRA is age 67, so if Bob chooses to wait until age 70 to start collecting his retirement benefits his benefit rate will increase by 24% (i.e. 2/3rds of 1% x 36 months). That would raise Bob's monthly benefit rate from $1000 to $1240 (i.e. $1000 x 1.24).

Best, Jerry