You did not mention what your expected annual expenses are.
In General you can withdraw 4% from a pool of money and have it last 30 years.
Meaning if you take out 40k from $1 M, it will last 30 years.
Want money to last longer (like 50 years?) then lower the percentage I'd go with 2.5% ($25k per year) and expect money to last 50 years.
The longer the money will last, the more exposure to equities you will want (to combat inflation).
30 years is probably a 60-40 allocation
20 years might be 40-60 allocation
50 years is probably an 80-20 allocation
allocation expressed in terms of % stocks-%bonds/cash
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