Congress Suspends Required Minimum Distributions For 401(k)s And IRAs For 2020, Opening Window To Tax Savings

The bipartisan COVID-19 stimulus bill just signed by President Trump includes welcome tax relief for retirees: The required minimum distribution rules for Individual Retirement Accounts and 401(k)s are waived for 2020. That means that instead of taking money out this year, retirees can keep their investments growing. This is a repeat of the 2009 RMD holiday during the Great Recession.