Asset Allocation for Baby Boomer getting a late start

[GetSmart]

I have some old IRA accounts that I haven’t been adding to since they lost half their value in the 2008 meltdown AND I haven’t really been paying attention to them since then either.  But a couple weeks ago, I started using Personal Capital and realized that the asset allocations are:
~92% US Stock
~3% Cash
~5% Alternatives
They have fees of 1% and 1.12% (two different funds) and have been making huge gains lately.

Is this AA too aggressive for someone who is mid-fifties?  The majority of my investments are in these two funds (although it's not an enormous amount).

I also recently opened a Vanguard account  (a target retirement fund); it has just a small amount in it, but seems more balanced.  I plan on contributing to this exclusively from now on.

According to Bankrate’s Asset Allocator I should have 60% Stocks, 16% Bonds and 24% Cash - Is this a reasonable assumption?  Does anyone here allocate based on age? 

So should I transfer one of the the mostly stock/high fee funds to an all bond fund at Vanguard?  Should I transfer the whole thing?  Or should I leave it there and just put future contributions into the target retirement fund?  Or split contributions between TR fund and a total bond fund?

I realize this all depends on my risk tolerance, but I don’t want to be stupid either (been there long enough already :) )

Thanks for any suggestions.  I really appreciate the wealth of knowledge on this site, as I have no one else to ask !

[rjack]

At what age  are you planning on retiring?

[forummm]

Regardless of whatever you decide as your asset allocation, you should roll over your IRAs to Vanguard. Those fees are way too high. The high returns you mention are due to the fact that the market has had high returns. Vanguard stock funds have had the same high returns--but even higher because of the lower fees.

If you decide that one of the Target Retirement Funds meets your asset allocation strategy, move it all into one of those. If you want to do your own allocations, put the US stock portion in VTSAX, the intl stock in VTIAX, and pick one of the bond funds (like VBILX or VBTLX).

[SpareChange]

I agree with forummm. The fees on those two funds are way too high.

[DrF]

At what age  are you planning on retiring?

+1
If you have adopted the mustachian lifestyle, your wealth accumulation will be much more important than your return. If you truly plan on retiring in ~10 years (starting from less than ~$100,000 I assume based on your posts) you are in the mass accumulation phase.

Obviously, don't pay too much in fees and get your money into index funds. But, the majority of the heavy lifting will be your savings rate.