A self-managed superannuation fund (SMSF) gives investors the freedom to shape their retirement portfolio around their own goals.
For money that may stay invested for decades, I would want a combination of dependable earnings, growing dividends, and exposure to businesses that could look much larger in the future.
These are three ASX 200 shares I would consider.
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Commonwealth Bank of Australia (ASX: CBA)
CBA is rarely the cheapest major bank, yet it remains the one I would feel most comfortable owning for the long term.
The bank is woven into the financial lives of millions of Australians. Customers use it to receive wages, pay bills, save money, buy homes, operate businesses, and invest. Those relationships create a strong franchise.
CBA also keeps investing in its digital platform, payments, fraud prevention, and customer experience. I think that spending can help the bank protect its market position as financial services become increasingly digital.
Its fully franked dividends could provide income inside an SMSF, while its exposure to lending, deposits, and household finances gives shareholders a direct connection to the Australian economy.
The premium valuation deserves attention, and banking conditions will shift over time. Even so, I think CBA has the financial strength and customer loyalty to remain a leading ASX business for many years.
Coles Group Ltd (ASX: COL)
Coles would bring a more defensive source of earnings to the SMSF.
Households can delay buying furniture, electronics, or a new car when money becomes tight. Grocery spending is much harder to avoid.
That regular demand gives Coles a strong starting point, although the company still needs to compete hard on price, availability, convenience, and customer trust.
I like the work Coles has been doing across online shopping, loyalty, distribution, and automated fulfilment. These investments can help the supermarket serve customers more efficiently while supporting growth beyond simply opening more stores.
The Flybuys ecosystem also gives Coles greater insight into shopping habits and another way to strengthen customer relationships.
Margins in supermarkets are relatively thin, and competition from Woolworths Group Ltd (ASX: WOW), Aldi, and other retailers will remain intense. Cost inflation and political scrutiny can also create pressure.
Nevertheless, for an SMSF, I think Coles offers a compelling blend of defensive demand, dividends, and measured long-term growth.
NextDC Ltd (ASX: NXT)
The final ASX 200 share would give the portfolio a stronger growth engine.
NextDC develops and operates data centres, which provide the physical infrastructure behind cloud computing, artificial intelligence, cybersecurity, streaming, and digital payments.
The digital economy may feel invisible, but it still needs buildings, electricity, cooling systems, secure connections, and enormous computing capacity.
NextDC is investing heavily to meet that demand across Australia and overseas. Its expansion requires substantial capital, and returns can take time to appear as new capacity is developed and contracted.
That creates risks around funding, project execution, customer concentration, and the timing of revenue. It also means the shares may be much more volatile than CBA or Coles.
I would keep the position measured, but I think an SMSF with a long horizon can afford to own some businesses whose strongest earnings may still lie well ahead.
Foolish takeaway
I would want an SMSF portfolio to keep working through several stages of retirement planning.
Income becomes increasingly attractive as retirement approaches, while growth can help the portfolio keep pace with rising living costs and support larger dividends later.
CBA and Coles could provide a steadier earnings base, while NextDC offers exposure to infrastructure supporting a rapidly expanding digital economy.
I think that combination could give an SMSF enough resilience for uncertain periods and enough ambition to keep growing over the long term.
