Only allowed for varchar column types.
The trick to get it done:
ALTER TABLE sometable ADD COLUMN some_new_column (with the new definition you want)
UPDATE sometable SET some_new_column = old_column;
ALTER TABLE sometable DROP COLUMN old_column;
ALTER TABLE sometable RENAME COLUMN some_new_column TO old_column;
The catch: column order will be altered (the new column will be the last now
If you use copy to fill out that table, you can’t reorder columns to make it fit still
If that is your setup, instead of create a new column, create a new table with the right TYPE, and do as above