Ive worked since age 18, however, I dont have any retirement savings.
In addition, I do not have any major illnesses and I need affordable life insurance.
I prefer not to purchase term insurance because I will probably outlive the terms.
Do you have any ideas for me?
But at 55, youre old enough that your life is expensive to insure.
Statistically, youre way more likely to die than a twentysomething.
A healthy 55-year-old can expect annual premiums of $6,000 or more for a $250,000 policy.
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In a perfect world, youre prepared for both extremes and everything in between.
But in the real world, we have finite resources.
Im assuming you havent started saving for retirement because you have a limited amount of cash.
As in, you may very well have to choose one or the other.
Unfortunately, I dont have any personal finance magic tricks for building a healthy retirement fund at 55.
Regardless, open an individual retirement account (IRA) pronto.
From there, youll get recommendations for how to allocate your portfolio.
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Retirement will be a lot less stressful without a mortgage or car payment.
So use what you do have to fund what I hope is a long and healthy life.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
Send your questions about retirement to[email protected].
