begin collecting their benefits at the same time. As a result, an application must be filed with the Social Security Administration before one can collect RIB. There are several ways to apply for the benefits: Calling SSA's national toll-free number (1-800-772-1213) or Contacting a local Social Security office or Submitting an online application Benefit amount The amount of a RIB payment is based upon several factors, including: social security payroll taxes paid into the Social Security Trust Fund, the age at which benefits are claimed, the current earned income of an individual, and military service. Primary insurance amount (PIA) The primary factor in deciding the amount of a RIB payment is the PIA which may be computed in different ways; the highest PIA is used on a person's record. Where a new start method and an old start method come up with the same PIA, it is considered that the new start method is used. Benefits reduced for age RIB benefits can be claimed in any month after the age of 62, subject to certain restrictions. However, benefits may be reduced if they are claimed before that person's Full Retirement Age. For each month that the benefit is claimed before the month in which the person attains Full Retirement Age, the benefit is reduced by a certain amount of the PIA. For the first 36 months, the benefit is reduced by 5/9 of 1% of the PIA; for additional months it is reduced by 5/12 of 1%. The aggregate reduction for the first three years is 20%. For the formulae, RF means Reduction Factor, the number of months RIB is claimed early Formula for First 36 Months: Benefit = PIA × (180 – RF) /180 Formula for Additional Months: Benefit = PIA × (228 – RF) /240 For example, for an individual whose Full Retirement Age is 66 and 10 months and who has a PIA of $1,000, the benefit, if claimed at 62, would be $708. Delayed retirement credits (DRCs) DRCs are accrued in any month between the month in which a person attains Full Retirement Age and the month they attain the age of 70 and they postpone claiming RIB. A person who is already claiming RIB may also voluntarily decide to stop receiving their payments temporarily to accrue DRCs beginning at their Full Retirement Age. The value of DRCs is 2/3% a month or 8 percent per