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FILE - This undated file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File)

Liz Weston: Why taking Social Security early costs too much

Aug. 17, 2020 8:09 AM EDT

Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit check reduced by nearly 30%. Many Americans have little choice but to accept the diminished payments. Even before the...