€900k "retirement" portfolio (70s, no pension)

I’m asking for advice regarding two people aged ~70 with around €900k investable assets (excluding primary residence, which is paid for). This is inherited money. Current expenses yearly are 14k, bound to rise to around 20k with the newfound money. No pension/retirement fund and no other income. Some context because on another post people assumed a lot, and I'm trying to get ahead of some comments that seem to come from an emotional response to the situation presented: They have already offered