Half in a laddered portfolio of bonds (different maturities) and half in dividend stocks with growth. You need growth to keep up with inflation over time. Spend the after tax dividends and bond interest on whatever makes you happy (travel, women, club memberships, sporting events, etc.). This assumes that you keep your job. By the time you are in your 60's, you can start spending some of the principal (2%-3% per year) if you don't want to leave the whole +$1 million to your heirs.
