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Investopedia explains 'Do-Over Option'
For example, if Rob wants to start receiving his Social Security benefits at age 62 instead of waiting until his full retirement age of 66, he will receive fewer benefits. Had Rob waited to start receiving his benefits, he would have received $500 more in monthly benefits, so instead of receiving 2,000, he would currently receive $1,500. If when reaching 66 years of age, Rob refunds four years (48 months) of benefits (48 months multiplied by $1,500 per month or $72,000), his monthly benefit will increase to $2,000.
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