One more note that many are not aware of because it got no press as it passed through congress. When a person with deferred savings (401k and all the other similar vehicles) that has saved pretax dollars passes away with funds remaining there is usually a pay on death benificiary. Prior to 1/1/2020 the law said that you would take age 86 (some version of life expectancy) minus the age of the benificiary and then divide the deferred funds by that number and the results was the dollar value that had to be withdrawn that year. It was meant to prevent untaxed savings to merely pass from generation to generation. So if a couple has $1 million in savings and tragically passes with one 30 year old child then the child would have to withdraw 1/56 (86-30) of the funds in the first year or $17,857. Each year the calculation would change based on him being a year older. No problem.
Well the new law that went into effect 1/1/2020 says that if the same situation occurs as described above that the benificiary now has 10 years to withdraw all the money. So their taxable income on receiving the retirement dollars goes from $17,857 a year to $100,000 a year. And the government gets a much larger chunk of the money via taxes. This was not a partisan political move either as it came out of the house to the senate with only something like 6 dissenting votes. All the folks in Washington agreed they wanted a much larger slice of the pie. Oh and if you say what the heck I won't take it out, remember this. The penalty for failing to take a RMD (required minimum distribution) is 50% of the amount you were supposed to take.