Trying to install Hmisc after R 4.0.2 update gives error “package ‘base64enc’ was installed before R 4.0.0: please re-install it”

Question

I recently updated my R version from 3.5.2 to 4.0.2 so that I could use the glmnet package.

Because of the "[package] was installed before R 4.0.0: please re-install