If your IRA or previous employer’s 401k portfolio has taken a hit this year, now could be a great time to consider a Roth conversion. Converting a traditional retirement account to a Roth account requires paying the deferred taxes now, which can be burdensome for cash strapped professionals early in their career. However, because major financial markets are down 25%+ since mid February, this means that your potential tax liability could be much lower than it was just a few weeks ago…and potentially the lowest it will ever be. Combine that with historically low income tax rates, and this could be a fantastic opportunity to make a smart long-term decision. As always, you should speak to a financial advisor and/or a tax specialist to discuss the implications on your specific situation before making any decisions. But don’t wait too long to have that conversation - when markets recover, you could lose the potential tax benefits of this market drop.