Tip: Social Security do-over is largely over

The do-over is done.

Social Security has closed what some called a loophole that allowed a recipient to pay back benefits without interest and then refile to receive a higher payout.

The tactic was typically used by someone who took early benefits at age 62 and then as they hit their regular retirement age of 66 paid back the amount they had received. This meant their monthly Social Security check would be about 30 percent higher for the rest of their lives. Critics said this amounted to a recipient receiving an interest-free loan from Uncle Sam for four years.

In a ruling last month, the Social Security Administration said it was immediately modifying the rule to prevent "the potential for misuse." Under the new rule, recipients can pay back the benefits received and refile without interest, but must do it within 12 months of receiving their first check.