Forbes

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

“Put away as much as you can, wherever you can,” says Ed Slott, a CPA and retirement plan expert based in Rockville Centre, N.Y. “You want to get the benefit of the tax shelter.”

Slott explains, “With a Roth IRA, the tax is paid up front (because you don’t receive a tax deduction) and the withdrawals in retirement can be tax-free.With a traditional IRA, you can get a tax deduction when the contribution is made, but every dollar earned will be taxed when it is distributed.”