Welcome aboard! You are in a great spot with 1.2 M. I'm not sure about the wisdom of converting to a ROTH but I know you have to wait 5 years to withdraw after doing it. More important is to study the TAX costs of converting large sums each year which will be income you have to pay.
A very common guideline is that if you have 1 M you can take 4% a year easily for the rest of your life.
Most important is that you should know that Minimum Required Distributions start at 70 and half not the mid-80s.
Good luck
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