After searching around and trying out the different asset allocation calculators on the internet, I’ve determined that most of them are severely lacking. They either a) do not gather enough information / inputs to result in a well defined choice, or b) produce results that are too broadly defined to know exactly how to invest your money. For example, it will suggest putting 50% of your money, for example, in to equity mutual funds. However, it doesn’t mention how to divide that up between the different subcategories available in that asset class (small cap, large cap, international, emerging markets, etc).
The best calculator that I could find was the one from CNN listed at the link below. I like this one because it does break up the recommendations in to large cap, small cap, foreign stocks, and bonds.
However, the best tips I have found on asset allocation have been from the finance books I have read. These are shared in the post on my blog at the link below.
Keep on learning!