johnps', there is another altogether different way of...

johnps', there is another altogether different way of approaching your impending retirement and planned life as a superannuant.
This idea I'm about to suggest is opposing all others proposed here and therefore should be considered now while you have the option to go this way.

Here 'tis; why don't you set about retiring as soon as possible and then withdraw the whole $1 million in a tax free lump sum and set about spending all of it or close to all, with help from your good wife, as soon as possible thereby giving you access to the old age pension [couples pension] which will be enough to see you both out with some residual ready cash and your house as a reserve asset to pay for a old age nursing home.

I suggest the $1million will be enough if you start hurriedly spending soon because I believe if you've been able to put aside that much already then I expect you'll both have no end of trouble spending $1 mill. in a short time at say $200,000/year because there are only so many world trips, and winnebago trans-Australia trips you can take in one year.

BTW, the 1mill' could unfortunately take close to 7 years to spend at $200k a year because of unplanned interest earnings, even if left in a bank on term deposit rates, so a concerted effort to become a wastrel may be required from both of you if you are to achieve pauper status, or at least pension asset test status, in under five years; or whatever period you have both have remaining before becoming of pensioner age.

There are many other ways to SKI quickly [to Spend the Kids Inheritance] and thereby exhaust your Super and savings and then be able to draw a full couples pension. I hope your mind wanders down this path.
One option you might consider as a means to advance a lagging, inefficient Super-lump-sum-payout' spend-rate may be to make advances on the kid's inheritance along the lines of both your wills, while your still kicking, and well before you turn 70.

I do suspect you may have difficulty achieving the desired high turnover of cash necessary for success of this future retirement planning option because being baby boomers you've both tended to be frugal and savings focussed for about 60 years therefore making the switch to a commitment of profligate spending extremely difficult at first.

johnps', if you decide to go down this track may I suggest obtaining several credit cards from banks and then quickly maxing them out to get you into the swing of things, or should I say, to get you into the habit of "mass consumption".

One major benefit I see in this cunning plan is: no future Gov't will ever get a cut of YOUR money you have carefully saved and also you won't have to ask anybody for financial advice ever again or worry yourself about whether you've got enough put away or whether it's earning enough in this/that fund because you've both spent it all and had the time of your lives doing it while still young enough to enjoy it.
Think about it; it is an option!