How the Downturn can Help your IRA. Read excerpt below:

October 22, 2008

By DEBORAH L. JACOBS
New York Times

IF your retirement assets took a beating in the recent stock market decline, converting a traditional I.R.A. to a Roth I.R.A. may be one of the best tax strategies this year.

When you do the conversion, you must pay income tax on the amount you are converting. This can be the whole account or a portion of it. But, subject to certain restrictions, no tax is assessed when the money is withdrawn. You also avoid the requirement to take yearly minimum distributions beginning at age 70 1/2, which can leave more for your heirs if you don’t use the money yourself.

Read entire article: http://www.nytimes.com/2008/10/23/business/retirement/23tax.html