John Smith is a 45-year-old individual who has been investing for over 20 years. He has a steady income from his job as an IT consultant, and he also has a growing family with two children aged 10 and 12. John is looking to create an Investment Policy Statement (IPS) to guide his investment decisions. He is particularly concerned about funding his children's education and saving for retirement. Based on this information, outline key components that should be included in John's IPS.