Recent market declines don't have to be all bad news for investors: They may provide you an opportunity to cut your taxes in retirement.
In all, market volatility has been the norm since October.
However, there may be an upside to the mayhem in the form of a tax-savings strategy. If your traditional individual retirement account has declined in value due to stock market fluctuations, it might be time to consider converting to a Roth IRA.
With a Roth conversion, you pay income taxes in the present on the amount converted from the traditional IRA, but you benefit from future tax-free growth and withdrawals in retirement.
"If the market is tanking and you think it's going to go back up, right now is the time to do it," said Ed Slott, CPA and founder of Ed Slott and Co. "You have low tax rates and lower values."
Here's who might benefit from a Roth conversion amid a falling market.