As famously stated by Martin Luther King Jr., “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at time of challenge and controversy.” We can all agree that we’ve faced challenges as we adapt to many changes brought about by the coronavirus. The true test of character may be our ability find the positive even when things around us seem mostly negative.

In light of the negative market performance since reaching a high-water mark in February, a potential place for positive opportunities is your retirement account. Is your IRA, 401(k) or 403(b) down in value this year? If so, it may be a good time to convert to a Roth since you can pay taxes on the lower account value, and as the market recovers, your money can grow tax-free.

In addition, if you experienced reduced income or you have other reasons to be in a lower tax bracket this year, this could be a good year to convert. As an example, if you convert $100,000 from a traditional IRA to a Roth, and are in a 22 percent tax bracket, that $100,000 pre-tax IRA is equivalent to a $78,000 Roth IRA. Using money outside the account to pay the $22,000 tax is like making a $22,000 Roth “contribution” to get an account worth $100,000 that enjoys tax-free growth and income in the future.

You can do multiple Roth conversions over several years and spread the tax impact over that time if you are concerned about pushing your income into a higher tax bracket in any particular year. It doesn’t have to be a one-time-only event. Also, keep in mind that Roth IRAs are not subject to Required Minimum Distributions, so you can let more of your money grow tax free for longer.

All this may sound good, but there could be reasons why this is not a good time to covert.

If you think you’ll pay a lower tax rate in retirement, then converting to a Roth would not be in your favor.

There tends to be an expectation, however, that tax brackets will exist in their current form into the future, and we forget that we are in a comparatively lower tax environment than we have been historically — or may be in the future given the extent of federal deficit spending incurred during the pandemic.

Also, if you have a child in college and are completing the annual FAFSA application, a Roth conversion that increases your reported income could potentially reduce your child’s financial aid eligibility.

Additionally, you may want to avoid conversion if you would have to withdraw money from the retirement account to pay the taxes because money used to pay taxes will no longer have the potential to grow for your retirement. This is even more of a concern if the withdrawal is subject to a 10 percent early withdrawal penalty.

There are good reasons to convert and not to convert to a Roth. Ask yourself if now is a good time. If not, you may decide to convert later when the timing is right. Explore your options, based on your personal situation, to see if there is a silver lining waiting to be discovered.

Wendy Bennett is a senior financial adviser at Bennett Associates Wealth Management in Butler.