Planning for retirement is enough to make anyone cringe. Considering the tough decisions that must be made in the process, its no wonder that so many individuals put off the planning aspect of their retirement investments until it is too late. However, you dont have to let the importance of these decisions cause you to freeze. Instead, consider how maintaining a self managed super fund can give you the flexibility and control necessary to guide your own retirement plan. In an era in which so many financial institutions are losing credibility, all you need is an advisor, a bit of research about what your investment options truly are, and the gumption to undertake the task, and youll not only have a retirement allocation that ensures your future, but also one that reflects your investing values!What is a Self Managed Super Fund?A self-managed super fund is a retirement concept that places all decision-making associated with an investment plan in the hands of the account holder in other words, you. There are laws and specifics that must be considered throughout the process, however, be sure that your account provider has advisers on hand to guide you through the process. Certain activities must be reported to the government, and a lack of compliance on your part may result in fines or penalties. There is a price that comes with individual control. In this case, the price is responsibility.Knowing a Sound InvestmentNow that you have a self-managed super fund, how should you invest? One of the most popular trends in Australia since the emergence of SMSFs is investing in property. Because property is ultimately finite, you can safely invest money in a variety of locations, giving your financial plan the backbone necessary for long-term growth. Further, should you feel particularly strong about an investment opportunity, you can research the opportunity on your own, allowing you to maximise the convenience of your self managed super fund.Reducing FeesOne of the most alluring aspect of a self managed super fund is the elimination of costly fees. When maintaining an account manager, the providing company must ensure profit from each investment they oversee. While this may sound great, it ultimately means that any growth you enjoy is undercut by the fees required to properly run the account. Those with little experience in managing their own investment accounts can receive valuable consultations with the fund providing organisation. Once you understand your options and how to properly invest, you can take the reins and avoid paying an investment manager.Understanding the Tax BenefitsAnother key reason that so many Australians are turning to a self managed super fund involves the tax rates associated with the investment. Generally taxed at about 15%, the ability to invest funds without taking significant tax hits can help you to maximise the money you are making today, while ensuring that you have money tomorrow. It should be noted, however, that remaining compliant with the relevant tax codes can get tricky, so be sure that you understand all of the details.The emergence of self managed super funds has led to a rapid shift in the way many Australians view their retirement future. By allowing for complete control on the part of the fund-holder, these funds are the perfect way to map out your personal investment plan, and make changes as you see fit. The increase in investment properties poses an interesting opportunity for man, and those who take the initiative now will reap the benefits far into the future. Research compliance requirements, and enjoy all of the benefits that SMSFs can provide!