Are you able to edit an update after it’s posted?

Are you able to edit an update you posted after it’s posted. For example, if I post something and realize I spelled something wrong or a word got autocorrected to a different word and I didn’t notice until after I hit post. I would want to go in and edit that word to make it correct.

I hit the menu button for the post but only see delete the comment as an option, not edit the comment. If I wanted to go in an edit that word do I have to copy the text from the update, delete the update, create a new update, paste the copy in, edit it then hit post again?