Listener Questions: A Roundup of Some Favorites, Ep #111

<p>Can you stop or suspend social security? How do inheritances impact your taxes? How do you pay for Medicare Part B if you’re not on social security? In this episode of the Retirement Made Easy podcast, I revisit some of the best questions from 2022 that are still 100% relevant and timely for today. If you want answers to these questions, don’t miss it!</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[1:40] Submit questions at RetirementMadeEasyPodcast.com</li> <li>[3:02] Question #1: Can you stop or suspend social security?</li> <li>[6:08] Question #2: Can you do a Roth conversion with an RMD?</li> <li>[7:20] Question #3: How do inheritances impact taxes? </li> <li>[11:16] Question #4: How do you pay for Medicare part B?</li> <li>[14:44] Question #5: Should you buy savings bonds for your emergency fund?</li> </ul> <h2>Can you stop or suspend social security?</h2> <p>J retired at 62 and started his social security benefit. However, he’s now considering stopping the benefit. Why? Because he has a part-time employment opportunity where he’d make $30,000 annually. He’s concerned that will reduce his social security benefit. Can he stop his social security? </p> <p>Once you start your social security benefit, you can only stop it within 12 months. Have 12 months passed? If so, you can’t stop it. If you’re within the 12-month timeframe, you have to contact social security, fill out a form, and <em>pay back the benefits you had already received.</em> </p> <p>If you’re collecting social security under full retirement age, you can only make up to $19,560. So J would be penalized for making an income of $30,000 per year, $1 per every $2 over the $19,560.</p> <h2>Listener Question #2: Can you do a Roth conversion with an RMD?</h2> <p>Can you do a Roth conversion for $15,000 when you take a required minimum distribution? You can pay the taxes on the $15,000 and put it in a Roth IRA where it can grow tax-free. However, you still need to take another $15,000 as a distribution because Rot