We just got started with an IRA this year. We put it in a Vanguard retirement fund. They watch the money and it's divested between stocks, bonds, and money markets. As we get older, 41 and 35 now, the fund balances further away from stocks to protect the hopeful money we've gained over the years towards bonds that are safer.
As for 401Ks you can usually choose what kind of risk you can stand. At 55 I'd think you would be kind of leery about the stock market and choose something with less risk but also less earning potential. As for the company's $.60 for every dollar of yours, that's a pretty good deal. Most only do 50% of a 6% funding.
You can educate yourself by going to something like Vanguard's or T. Rowe Price's website. Whole bunch of calculators for your use as well as information free for the reading.
BTW, I have no affiliation with either of these companies other than having investments with them in the hopes of retiring someday a bazillionaire.
All right, so maybe I'll be able to just live without worrying about eating and pills.