Many self-funded retirees came unstuck over the past 18 months because they had insufficient cash in their accounts to meet the minimum pension requirement, forcing them to sell assets into a falling market.

The technical manager at ING Super Concepts, Graeme Colley, says planning cash flows may require a change in asset allocation.

Some investors have been getting out of dividend reinvestment plans and leaving dividend payments and additional contributions in cash to improve their cash flow.

If you're in the accumulation phase, Colley says it might be time to become more aggressive and look for capital growth.

Accountant and author Max Newnham says the lesson people have learned from the financial crisis is to rebalance their asset allocation when one sector has surged ahead.

While self-managed super funds are required to have an investment strategy, it can be as vague as aiming for returns of 2 per cent above inflation.

He thinks investors need a clearer idea of the asset allocation best suited to their personal circumstances and stage of life and regularly rebalance.

One of the advantages of a self-managed fund is flexibility. Colin Nicholson has a self-managed fund that invests exclusively in shares and cash.

Now that he is semi-retired and in the pension phase, he pays no tax on withdrawals. He pays no capital gains tax and still gets imputation credits on dividend income from his shares.

Margaret Lomas has a self-managed fund, which she uses to diversify into shares and managed funds, but she prefers to hold her property portfolio outside super. While she is still working and paying tax at the highest marginal rate, the tax deductions for negative gearing and depreciation are highest when property is held outside her super fund.

Lomas says property investors depend on tax breaks in the early years to provide the cash flow needed to stay in the market. "In super the tax breaks are at 15 per cent but in your own hands it's at least 30 per cent and can be up to 45 per cent."

In his latest book, Self Managed Superannuation Funds: A Survival Guide Wrightbooks, $34.95), Newnham outlines possible asset allocations for investors with different risk profiles.

Newnham says the main questions his clients are asking is whether they should get back into the market.

"My answer is yes. When you can get 8 per cent to 9 per cent dividend yields on bank shares, they're a good long-term hold," he says.

Colley reports an increase in inquires about instalment warrants after fears of a clampdown in the latest federal budget proved unfounded.

However, he says investors in the pension phase should ensure that they have cash to meet interest payments on their warrants.