If you plan to tuck away money in a Roth IRA (individual retirement account) next year, you'll be glad to know that the contribution limits are going up. Now is a good time to plan ahead so you don't miss out on this opportunity to boost your retirement savings.

Roth IRAs are widely known for their tax benefits during retirement. If you qualify, you can load your account with after tax dollars now. In return, you'll be able to collect your money tax-free during retirement, which is a huge plus when you're living on a fixed income. The less money you have to give up for taxes, the more money you can use to fund your lifestyle.

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Source Fool.com