What should my portfo;io allocation look like?

I am 58 years old. I have $580,000. in my IRA. 90% stock and 10% cash in money market funds. I feel overexposed to risk in our current mess. Should I go to more cash for now? I need this money for retirement which is looming!

My belief is that you should have pulled back on your stock allocation a few years ago. Now that the market has pulled back, it may not be the best time to do that. Look at this two ways. First, it will be a few more years before you retire. The market my come back in that time. Second, even once you retire, you will not need all the money the day you retire. You can leave it in the 401k and slowly withdraw it. Hopefully you'll live another 20-30 years after retirement. That's a long time isn't it? Plenty of time recover from a market pullback. My advice to you right now is to leave your allocation alone for a while. If the market picks back up over the next 2-3 years change your allocation to 80-20 or 70-30. But until you're in your 70's I'd leave at least 50-60% invested in stocks. Good luck and don't panic!

I'm no financial guru, but at your age, your exposure to loss is greatly increased with your current dispersement. You might want to get down to a 60-40 (Stock-Bonds) until you see the volatility in the market quiets down.

Perhaps you should lift your head up from being crushed by the pencil tip.

In my opinion, yes, you are over exposed, but some stocks are more risky than others. You might consider cutting back to 50% stock. Even that has some risk, but less.

I am retired. I am 40% stock currently, but of that 40% about 10% is high dividend paying stocks, which hopefully are less risky. 40% bonds and 20% money market. I am reducing my money market exposure though and transferring to preferred stocks which pay a whole lot better interest--about 7% for investment grade vs about 4% for investment grade bonds and 3% for money market. Of course +3% is certainly better than -15%, which is what most stocks have yielded.

The downside of switching now is that you have already probably lost about 12 to 15% in your stocks so now is maybe not the greatest time to switch. Then again they could easily drop another 25%.

You've saved well and probably smart.
It depends on your goals (dollar amount desired at your retirement target date) and your comfort level with risk.
Whatever these two factors might be, I don't think you are diversified enough. You're current allotment suggests a large tolerance for risk.

Whatever you may have lost this year ( -15%?) is gone. I don't personally believe the bleeding is nearly over. Over the last three years, you're likely still ahead and probably not yet into loss of your capital.

Long story short, fairly conservative route:
15% Domestic stock
25% Foreign stock
50% Bonds
10% Money Market/Commodities (PM's)