Syndicated financial writer Humberto Cruz recently issued a new warning about the dangers of having too much money in stocks as you grow older.

Clark has long advised people in their 20s, 30s and 40s to have an overwhelming amount of their money in stock-type choices when it comes to planning for retirement. But the older you get, the more you need to reduce that amount of stock exposure -- especially once you get into your 50s and above.

Cruz saw new stats that found one-third of people in their 60s had 80% or more of their portfolio in stocks. That figure should be somewhere around 30% or 40% once you reach your 60s. Likewise, another nearly one-third of people in their 50s had 90% or more in stock-type choices. That's far too high.

So if you're overexposed, do something about it. You've got to find a more equitable spread based on your age and the time your money has to recover after a loss.

One more word of advice -- don't have a majority of your holdings in your employer's stock. That's like putting all your eggs in one basket. You must diversify.