Beginning January 1, 2010, for the first time, there will be temporary lift of the income limits on Roth IRAs. That means anyone can start a Roth IRA, or convert their current traditional IRAs into Roth IRAs, regardless of income levels.
There is usually an income cap on the Roth IRA.
The timing of this window coincides with the market timing- a conversion will pay tax on the roll-over, but with accounts down, now is the time to make the switch.
This is a fantastic wealth planning opportunity for higher income individuals if you take advantage before the window closes.