I would immediately do an IRA rollover of this 40l(k) money — to a place like Fidelity or Vanguard. They will help you do a DIRECT rollover — you don’t touch a check!
Then you can choose some conservative investments, including perhaps an equity-income fund, or a balanced fund. My usual advice is to leave about 25% in a money market deposit account — liquidity for RMDs, so you are never forced to sell at a bad time.
Do this– and don’t look back!!