Claiming Social Security early gets you more checks from the program, but it often results in reducing the total benefits you collect over your lifetime. Applying as soon as possible at 62 can shrink your monthly check by up to 30% (compared to what you're eligible for at full retirement age).

Not everyone realizes this before they sign up, and that can lead to major regret. There are ways to undo an early claim, but they have their drawbacks too. Here's what you need to know.

Image source: Getty Images.

Continue reading

Source Fool.com