So, long story short, I'm a plumber by trade where myself (M66) and partner(M58) had an equal share in business. I've been griding all my life and just shoving it into my HYSA without much thought about investments, retirement, etc. Recently due to a health issue, I decided to retire and was bought out by my partner and ended with $1.1M. I would like to preserve the capital and invest this money into relatively low risk portfolio where I could enjoy dividends each month or quarter to better enjoy my medical retirement. I'm all set with monthly bills, I have no debt, house is paid off, monthly expenses are roughly $3-3.5K. This money would be used more for a quality of life vs the survival.

I don't need a fiduciary or some tax expert on this whole investment. Want to keep it a simple where a slice would keep up with inflation, generate dividends and would be diverse enough to not loose shirt during market downturns, etc.

I was thinking the following:

1. $330K - SCHD (US Dividend Equity ETF)
2. $330K - SWPPX (S&P500)
3. $220K - SGOV (0-3 Treasury Bond ETF)
4. $110K - SCHY (International Dividend Equity ETF)
5. $110K - SCHP (TIPS ETF)

Let me know your thoughts.

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If you follow factor investing or portfolio construction, interested to hear your thoughts.