The Government kept National Superannuation entitlements at their current level and kept the age at 65.
However, Finance Minister Bill English suspended contributions into the fund, commonly known as the "Cullen fund", for 11 years.
The fund was set up by former finance minister Michael Cullen to help meet the requirements of an ageing New Zealand population.
The contributions were to be funded from ongoing budget surpluses, but New Zealand is facing a decade of deficits.
That meant borrowing to pay for superannuation contributions.
Mr Smith, the principal of Peter Smith Financial Services, said in an interview it was inevitable that changes would have to be made to New Zealand Superannuation in the future.
However, the current Government was not likely to commit "political suicide" by introducing means testing.
"Means testing is inevitable in the future. Superannuation cannot be maintained at the same level and remain universal. It could remain universal but at a lower level.
"Already it is not meeting the requirements of people trying to live on superannuation alone. In my opinion, super is $120 a week short for a married couple," Mr Smith said.
A New Zealand government was not likely to raise the age of entitlement in the near term as the Australian Government had done, he said.
There was no retirement age in New Zealand although the age of entitlement was 65.
In Australia, raising the age to 67 meant private schemes could delay paying out superannuation for two years, but the Government had not saved much money, Mr Smith said.
Asked why he believed the Government had held off making changes to KiwiSaver, Mr Smith said Mr English was happy enough with the scheme but had problems with the liabilities the Government faced in 2011.
Prime Minister John Key said in a speech that to make full contributions to the super fund would require borrowing of about $30 million a week, or $1.5 billion a year - a figure which could rise in future years.
"Committing the Government to an even bigger debt-raising programme, in a world where the United States, the United Kingdom and other governments will be hoovering up available funds in their own debt programmes, does put the New Zealand economy at some risk.
"That is like a household borrowing money to invest in the sharemarket, on top of having a big mortgage, a car loan and a whopping credit card bill.
"Or, perhaps more relevantly, it is like saving for your retirement using your credit card."
The Government had decided to take the sensible step, and hold off making full contributions to the super fund until it ran an operating surplus sufficient to fund those contributions, he said.
The move did not have any detrimental impact on New Zealand Superannuation entitlements, either in the short-term or in the longer term.
Future funding at current levels was locked into the Government's long-term spending path and was reflected in all of the Budget projections, Mr Key said.
"In fact it is quite correct to say that, far from putting anything at risk, the combination of measures we have taken in this Budget actually secures Superannuation entitlements in the future."
In the mid-2020s, when demographic pressures would push up the total cost of NZ Superannuation, it was important that the Government was in surplus, had a moderate level of debt, and was not burdened with high borrowing costs.
That was a situation now being forecast, thanks to the measures the Government had taken in this Budget - including temporarily suspending Super Fund contributions.
