There’s a reason so many people rush to file for Social Security at 62. That’s the earliest age you’re allowed to sign up for benefits. And it’s easy to see why many folks would rather get their money sooner rather than later.

Of course, claiming Social Security at 62 means settling for a reduced benefit. You’re not entitled to your entire monthly benefit based on your personal wage history until full retirement age arrives. That age is 67 for those born in 1960 or later.

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Here’s the problem, though. Let’s say you claim Social Security at 62 and leave your job at the same time, but once you’re in the throes of retirement, you realize your monthly expenses are higher than you thought they’d be. At that point, you’re sort of stuck because you’ve already locked in your lower monthly Social Security payday for life.

Or have you?

Believe it or not, there’s a lesser-known rule that allows you to undo your Social Security filing and claim benefits again at a later age. But pulling it off is easier said than done.

Are you eligible for a do-over?

The Social Security Administration (SSA) won’t allow you to file for benefits, undo your claim, and keep repeating that process over and over again. However, the SSA does give all filers one do-over in their lifetime. So, if you’ve filed for Social Security at 62 and now regret it, you’re not necessarily out of luck.

But undoing your filing also isn’t so easy. Granted, it’s not so hard to withdraw your application for benefits. You simply download a form and mail it in to your local Social Security office.

Rather, the hard part is that to undo your filing, you also have to repay all of the money the SSA paid you in benefits. You have to withdraw your application and repay those funds within 12 months of your filing date.

The latter could get tricky because, let’s say, you realize six months into your Social Security claim that you filed too soon and that you’d like to get a chance to sign up at a later age for a more generous benefit. Well, what if you’ve already spent the money the SSA paid you to date? That only gives you six months to come up with the funds before you’re out of time.

So, if you like the idea of undoing your Social Security claim, before you start downloading the right paperwork, you’ll need a game plan. That could involve going back to work part-time or even tapping your home equity to come up with the funds to repay the SSA. You have options — they just may not be optimal.

Think carefully before you claim Social Security in the first place

It’s a nice thing that Social Security recipients are allowed one do-over in their lifetime. But a better bet is to choose the right filing age from the start so you don’t end up in a position where you have to worry about repaying any benefits you receive.

Your earnings statement, which you can access by creating an account on the SSA’s website, should show you what your monthly benefit will look like based on whether you sign up early, on time (meaning, at full retirement age), or late. Try estimating your monthly retirement costs before signing up for Social Security so you know what minimum payday you need to cover your basics.

And also, think about what you want your retirement to look like. If you don’t want to be pinching pennies, it could pay to wait beyond age 62 to claim Social Security, even if you can technically get by with a reduced benefit.

Finally, you may not want to wait all the way until full retirement age to start getting benefits. But there’s a big difference between claiming Social Security at the earliest age of 62 versus 64 or 65. So, think through the big picture carefully before making your choice.

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