The fact that seniors are allowed to decide when to claim Social Security is both a blessing and a curse. 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.

It can be very tempting to file for Social Security at 62 because that’s the earliest age to get benefits. And if you don’t end up living a very long life, filing at the earliest possible age could result in the largest lifetime payout you can get.

But claiming Social Security at 62 also generally means reducing your monthly benefits for life. And that could become a problem if you end up living a long life, or if you don’t have a very robust nest egg and need your Social Security income to make ends meet.

If you’ve claimed Social Security at 62 already, you may be resigned to a lower monthly benefit for the rest of your retirement. But there may be a way to boost your benefit — even after you’ve filed for it.

A lesser-known rule could work to your advantage

A program as complex as Social Security is loaded with rules, as you might imagine it to be. One of those rules allows all filers a single do-over in their lifetime with regard to claiming benefits.

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. But there’s a catch.

In addition to withdrawing your application for benefits within a year, you must also, to take advantage of this do-over, repay the Social Security Administration all of the benefits it paid you. And you only get a 12-month window to complete that task. So while the do-over option does exist, it’s not necessarily an easy one to exercise.

It’s best to make the right call from the start

While it’s a nice thing that all filers get a second chance to lock in their monthly Social Security benefits, the do-over option isn’t very helpful to seniors who don’t have much financial wiggle room. If you’re someone who retires, claims Social Security at 62, and gets most of your income from the program from that point onward, paying back those benefits so you can file at a later age is going to be tough – especially if you only get a year to do so.

That’s why it’s so important to choose the right filing age off the bat. And so to that end, you’ll want to think about factors that include:

• Your savings balance
• Your health and life expectancy
• Your expenses
• Your ability to keep working

It’s also a good idea to meet with a financial advisor and talk through your options. A financial advisor might suggest claiming Social Security as early as possible based on your personal circumstances. Or, they might suggest that you wait until your full retirement age or even beyond. But it’s a good idea to get that input given the importance of the decision at hand.

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