The SECURE Act, which went into effect January 1, is expected to affect many retirees’ savings in large or small ways.

One of the most widely known provisions of the law is that it raises the age to take required minimum distributions from 401(k)s and IRAs from 70 1/2 to 72. It also eliminates the age limit on contributions to traditional IRAs.

If you’ve inherited a retirement account from a parent, the new law requires you to withdraw all assets from the account within 10 years. This can create a huge tax bill for some, especially those who are also still receiving earned income. This doesn’t apply to surviving spouses and people with disabilities.

Another well-known provision is that the law makes it easier for employers to offer annuities within 401(k) plans as investment choices. Previously, employers had the fiduciary responsibility to ensure annuities were appropriate for employees’ retirement plans. But under this law, the responsibility shifts to insurance companies, the ones that offer the annuity plans.

Annuities may be appropriate for many retirees and people planning for retirement, but not all. Also, annuities are complex, and it’s not always easy for employees to make the right choice. Without sound, unbiased financial advice, some investors may make inappropriate choices.

The law includes other major provisions that can affect retirees. Marketwatch summarizes some of these here.