This falling market offers a way to cut your taxes in retirement

Before you break out the bubbly, know that this strategy isn’t necessarily for everyone.

For instance, prior to the tax overhaul, financial planners and CPAs used to recommend Roth conversions early in the year. Investors would then see how their Roth accounts performed over subsequent months.

If any of the converted accounts didn’t perform well, they might undo — or recharacterize — the transaction.

The Tax Cuts and Jobs Act took that tool away, so any Roth conversions you do now are permanent.

It’s something to bear in mind in the event you convert some of your savings now and the market tanks in 2019.

“You can’t play both ends like you used to do,” Slott said. “There are no do-overs anymore.”