Social Security FAQ With Eddie Holland

Be cautious with Roth conversions, as they can increase your combined income and make more of your Social Security benefits taxable. This strategy might push you into a higher marginal tax bracket.

Stopping Benefits 

If you decide to stop your Social Security benefits, you can do so within the first 12 months of receiving them if you're under full retirement age. Beyond that, you can pause benefits after reaching full retirement age to earn delayed retirement credits.

Scams and Social Security 

There is an increasing problem of Social Security scams. Legitimate Social Security issues will be communicated via mail, not phone calls, emails, or social media messages. If in doubt, always verify by setting up an appointment with your local Social Security office.

On Today’s Program, Rob Answers Listener Questions:

• I already have an LLC as a sole proprietor but want to set up another one. When I research online, I see that there are so many different options, such as having a holding company or adding a trust above the holding company. Which structure would be best for my situation? What do you recommend regarding how I should go about setting up another LLC?
• I recently sold a vehicle and bought another one, and I had some savings, totaling about $25,000, available after my emergency fund was covered. I also took money out of my Thrift Savings Plan (retirement account) two years ago to purchase a home, and the balance on that loan is around $25,000 at a very low interest rate. Given this situation, what would your advice be for where I should put this extra $25,000 - pay down the TSP loan, pay down the auto loan, or invest in the open market?

Resources Mentioned:

• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App