Peter (aged 35) is married to Mel (aged 32). They have two children, Emmy (aged 4) and Josh (aged 2). Peter works as marketing manager in financial services in Sydney his salary excluding employer contribution is $170,000. Mel is a account manager for an IT company her salary excluding employer contribution is $150,000. Peter and Mel like to ensure they have adequate insurance to protect them and their family and their properties. They also like to ensure their superannuation is invested appropriately, to help them grow their superannuation and save for retirement. Peter and Mel have a very strong view to do whatever possible for their children including making the investment to put them through private school education from primary school if they can afford it otherwise at least for their high school years and would like to continue to assist them in every way possible. Peter and Mel have recently purchased a new home worth $2m and they currently have a home loan of $1.2m. Peter and Mel have also replaced their family car that they recently purchase for $85,000 where they had to obtain a car loan for $60,000 after selling their old car for $20,000 Peter and Mel superannuation account balances are $360,000 and $280,000 respectively. They each have $200,000 life and TPD insurance inside their superannuation funds. Be specific, clear, concise and effective in answering the questions. Your responses need to be relevant to Peter and Mel and related to the facts in the case study, provide examples where appropriate. Your responses should be based on strategic advice no calculation are necessary. Q38. Superannuation, investment and Retirement Planning a. Peter and Mel would like to retire at age 65 and enjoy a comfortable lifestyle in retirement. Discuss the key benefits and risks relevant to Peter and Mel of saving in a superannuation environment versus outside of superannuation, commenting on the type of possible super contribution can be made to their relevant funds and benefits and risks if any. Give specific examples relevant to Peter and Mel b. Discuss whether Peter and Mel should be considering establishing an SMSF, commenting on the relevant benefits and risks of having an SMSF. Be specific and relate specifically to Peter and Mels personal circumstances