2) If you have 5M, use that 1M to buy apartment
3) If you only have 1M, S&P 500/dividend/bond would provide you enough income. It also depends on if you have pension or not.
You are already well-off compared with most people.
The most important thing at 50 is not to lose money and have enough money for your retirement.
When everyone thinks it is the good time to do something, the tidy may turn soon.