Individuals who began receiving Social Security benefits early may have inadvertently reduced their monthly and lifetime payouts by up to 30%. However, there are several strategies to potentially increase these benefits, even after applying. One option is to withdraw the application within 12 months of applying and repaying all received benefits, effectively resetting the application date. Another is to suspend benefits at full retirement age (FRA), which is 67 for most, allowing benefits to grow by 8% annually until age 70. Continuing to work and earn more can also increase benefits as the Social Security Administration recalculates based on higher earning years. Finally, money lost due to the Social Security earnings test before reaching FRA is often returned as a benefit increase upon reaching FRA.