Asset allocation is the most important part of the investment process because it will likely determine the majority of both risk and return for your portfolio. (See Asset Allocation.) Here are some calculators that will recommend an asset allocation of stocks, bonds, and cash for your portfolio based on your inputs. However, they don't recommend allocations to other assets (international assets, real estate, etc.) that you should also consider for a portion of your funds. Once again, don't be surprised if you get different results from different tools. There are no absolutely correct answers based on the limited information you can supply.
As Charles Ellis points out "The priority objective in investment management is to control risk." The more risk averse you are the more you should diversify. See Frank Russell's Managing Risk Through Diversification. The best allocation of assets will depend on the expected returns, volatility, and correlation between assets. The objective is to achieve the highest return given an acceptable level of risk, or alternatively to assume the minimum risk required to achieve a specific amount.
For more in depth learning about investing theory, asset allocation, and efficient portfolios, there are a number of excellent sources now available on the web. See
The role of asset allocation in portfolio management
and Taming Your Optimizer from Ibbotson Associates, An Introduction to Investment Theory by Yale professor William Goetzmann,
The Intelligent Asset Allocator: Portfolio Theory For the Small Investor
by William J. Bernstein, Frank Armstrong's
A nibble from the free lunch about Modern Portfolio Theory and risk management, Travels on the efficient frontier about asset allocation and diversification, and The Asset Allocation Decision.
a. Taxable or tax free
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