For sago palms, you can go even further and cut all of the leaves off if you want to. As long as the plant isn't cut completely flat (like with a chain saw) across the top, new leaves will reappear in the spring. You would want to do this if all of the existing leaves were damaged from frost or something else. It will look like a fire-plug for a season, but it will recover.
My sago palm, shown here, took a devastating hit when it lost the shade of the tree that had been its companion for a decade. I cut off all of the leaves, and it looked like a short fire-plug for a while, and then they all grew back, as you can see.
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