The classic asset-allocation rule of thumb is '100 minus your age' — that's the percentage of your portfolio in growth assets (equities), with the remainder in defensive assets (bonds, cash). The modern update is '110 minus age' or even '120 minus age' to reflect longer life expectancies and the need for higher long-run returns. So a 45-year-old would target roughly 65-75% equities under the modern variants.

This calculator uses 110-minus-age as the moderate baseline, adjusted ±15 percentage points for conservative / aggressive risk tolerance. It also adds a small cash buffer that grows with age (peaking at 10% from age 60+) to reflect the increased need for liquidity as you approach retirement and during decumulation. The output is a suggested guidepost — not personal financial advice. Real allocation should also reflect liquidity needs, future income certainty (defined-benefit super counts as 'bond-like' for asset-allocation purposes), tax structure, and your personal dollar-terms capacity for loss.

Inside an Australian portfolio, equities typically split roughly 30% Australian shares (taking advantage of franking credits) and 70% international shares (for broader diversification). Most APRA-regulated 'balanced' super options use a 70/30 growth/defensive split — close to this calculator's moderate setting at age 40-45. Pair with our Rebalancing Calculator to maintain your chosen allocation over time.