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As the Social Security system stands, full retirement age (FRA) falls somewhere between 66 and 67 for most individuals (eventually, FRA will reach 67 for all taxpayers). Taxpayers who claim Social Security once they've reached age 62, but before reaching full retirement age, are penalized depending upon how early they claim benefits.

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Robert Bloink

Robert Bloink, Esq., LL.M., has taught at the Texas A&M University School of Law and the Thomas Jefferson School of Law; in the past decade, Bloink has initiated $2B+ in insurance & alternative asset class portfolios, and previously served as a senior attorney in the IRS Office of Chief Counsel for the Large- and Mid-Sized Business Division. Bloink is also the co-author of Tax Facts, a reference solution that helps to answer critical tax questions and provides the latest tax developments.