Filing for Social Security at 62 often results in permanently lower monthly benefits. While this early filing may seem tempting, especially for those who may not have a long lifespan, it can lead to financial struggles later on. However, there's a little-known option to undo this decision through a one-time 'do-over,' allowing retirees to refile for benefits at a later age for potentially higher monthly amounts. This requires withdrawing the original claim within a year and repaying benefits already received.
Simply put, if you signed up for Social Security at 62 but regret it after the fact, you can undo your filing and claim benefits again at a later age, thereby increasing them.
The flexibility allows them to file their claims based on their financial needs and life circumstances. But the fact that they have a choice can put a lot of pressure on them.
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