For many, saving for retirement is a top priority in personal investment. As you work long, difficult hours for years and years, you owe it to yourself to save up so you can retire, relax and enjoy the simple pleasures of life.

One option for putting away money is setting up a self-managed super fund (SMSF) for yourself, which is a private superannuation trust structure managed by you. When setting up your SMSF, there are a few steps to take along the way: Decide who will be the fund members and trustees, create your trust and trust deed, set up your bank account, register with the Australian Taxation Office and devise a plan for when your SMSF comes to an end.

Another important element of managing your SMSF is coming up with an investment strategy. This is the plan you develop to maintain and hold your assets in a way that's consistent with your retirement and investment goals. With this plan, you can create a clear roadmap for your savings and how it will help you achieve your retirement goals in the long run.

A regularly reviewed investment strategy isn't just one of the superannuation laws — it's an opportunity to successfully grow your retirement fund and end up exactly where you want to be during your golden years.

Here are some of our best tips and tricks for creating your SMSF investment strategy document, and why working with SmartMoney Wealth Management for managing your retirement income and other lump sums can lead to a relaxaing, successful future.

Four best practices for developing your SMSF investment strategy

Your SMSF investment strategy document should be in writing and explain how and why your investments will help you meet your retirement goals. Factors like members' age, employment status and retirement needs all influence risk involved in investing. Our five best practices for creating your SMSF investment strategy document include:

1. Understand the specific details to include
The following factors must be considered when coming up with your investment strategy and have to be in line with superannuation laws, according to the ATO:

• Risk involved. What's at risk when making and holding your investments, and what risks are involved in your retirement objectives and cash-flow requirements?
• Composition of your fund's investments. Information about the diversity of your range assets must be included.
• Liquidity of your fund's assets. Can your funds be converted to cash to meet income tax expenses?
• Your fund's ability to pay benefits. When members require, are you equipped to provide a lump sum?
• Holding insurance cover. Do you and your other SMSF members hold life, permanent or temporary insurance?

These factors paint a broad picture of your ability to invest and manage your assets over a long period of time.

2. Understand potential restrictions
When it comes to choosing the assets you want to invest in, restrictions are fairly limited. As long as you can prove that your investments are permitted by your trust deed, meet the sole purpose test and are permitted by superannuation laws, most of your assets can be included in your SMSF strategy.

3. Review your SMSF strategy on a regular basis
Throughout the years, your strategy should continually meet the wants and needs of all members. Specific life events that make it crucial to review and potentially change your strategy include:

• When a new member joins the fund.
• When an existing member leaves the fund.
• When the fund begins to pay income to a member

Remember: You're not stuck in your SMSF. A review of your existing strategy can make it clear that you have new goals and investment objectives. Looking over your strategy with an SMSF auditor can help you determine if and when obligations have been met and if it may be time to take the next step in managing your financial assets. Failing to keep records of reviewing your strategy with an auditor can result in penalties and fees.

4. Seek professional assistance
You will ultimately make all of the decisions dealing with your strategy, but legal and financial advice from an experienced professional can give you peace of mind when reorganizing the strategy or opting out altogether.

Who can assist with the preparation of an SMSF investment strategy?

Working with a credible wealth management firm with a proven track record for success is essential when preparing an SMSF investment strategy. At SmartMoney Wealth Management, we know how important it is for you to take matters into your own hands and manage your own super investments. Without taking from your independence, we want to help you assess your current situation and decide if an SMSF is right for you.

Our team of experienced financial advisors will work directly with you to get to know you and your current finances and future plans. From there, we can devise your SMSF investment strategy and get the ball rolling. We can even help you get a bettter understanding of the legalities and risks involved and provide advice that helps you make the best investment decisions to create your fund's investment strategy.

At SmartMoney Wealth Management, we want to help you and your family reach financial security and live well into your retirement as stress-free as possible. For more information on how we can help you put your family and future first, get in touch with us today.