Been taking iron supplements for 5 weeks, Hb increased from 9.8 to 11.7. Blood tests came back fine except RDW (27.8)being high. Should I discontinue?

Probably. Best also. check serum Fe+2, Total Iron Binding Capacity & Ferritin as indicators of degree of adequacy of iron replacement. While too much iron over time is toxic, you also want enough intake to replace iron in RBCs lost via bleeding. Normally iron in RBCs is recycled back to bone marrow; can't do this if RBCs are lost outside body. High RDW expected due to mix of small RBCs (when Fe low) vs. normal RBCs.
Ask your doctor. The doctor who gave you Iron pills is the one who can guide you better. iron is typically continues till after your hemoglobin is >12 grams.. You do not need to worrry about RDW...just hemoglobin value is all you need to watch.