Hi Mike, and welcome.
Yeah, you're likely going to need to move a healthy portion of your $1.2M into some investments with some growth to stay ahead of inflation. If you live for another 40-50 years, inflation could really decimate your savings if you're not getting some decent returns (and clearly you will get next to zero returns in a savings account).
Also, if you literally have $1.2M in a single bank savings account, you are well over the FDIC insurance limits, so make sure to spread your money around in the (probably unlikely) event your bank fails.
It's going to be difficult for anyone to suggest what exact asset allocation you should have since that will depend so heavily on your own goals, risk tolerance, etc. I'll throw out that a pretty conservative and simple allocation that many go with is "your age in bonds, the rest in stocks." Over history, that allocation has fared very well in providing returns that survive inflation and allow your portfolio to stay intact over a long period, but with far less volatility and risk than being more heavily or completely invested in stocks.
But like Sol said, with a paid-off house, expenses lower than 4% of your savings, and likely to receive SS one day, you are set and can afford to be very conservative in your investing while keeping up with inflation. You could even invest solely in treasury insured bonds, that I believe match inflation almost exactly and are guaranteed never to go down in value. I believe they they are designed to keep pace with inflation, and nothing more, so that $1M today will be worth $1M 50 years from now.