Yes. Under certain conditions, Social Security laws allow for a "do over" of the decision about the age at which to begin collecting retirement benefits. There is a seldom-used option that allows beneficiaries to stop their payments, pay back all of the money that they have previously collected in benefits (without interest), and apply for higher benefits at a later date. This option is often used by people who receive a settlement of some sort that provides the necessary funds. The first step in the process is to file form 521 (available online at http://www.socialsecurity.gov/online/ssa-521.pdf) at your local Social Security office. This form is used to withdraw a beneficiary's previous application for benefits. We would like your feedback on this Personal Finance Frequently Asked Question.

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