Assuming you and your wife are eligible for SAPTO you won't need $1mil to invest.
You can each earn about $29k paying no tax.
By way of example, Telstra has a current dividend of 11c or 22c p.a. grossed up to account for refund of franking credits (assuming this is still available) this is 31.43c per share. Approx 92k shares in each of your names for a total current cost of approx $570k.
Admittedly telstra is one of the better yielding shares, but it's yield is not unattainable with other investments.
Additionally at 65 you should have unlimited access to your super which (in most cases) if administered correctly will be tax free.
Perhaps see a financial planner sooner rather than later to plan for what you want to retire on. Time is your best asset.
