First you should decide if you want to move the funds or not. I don't know what your options are, but I'd suggest moving the funds to Vanguard. You could wind up paying 10 times less in fees. Over time, this becomes extremely important.
Perhaps the most important question you need to answer concerns the amount of risk you will take. Since you are retired, I presume you have a greatly reduced ability to take risk. A common and reasonable benchmark is "your age in bonds." So, if you are 55, you would have 55% of your savings in bonds and 45 in equities ("45/55").
However, you did pull your money out of equities earlier, which to me indicates that you were unable to handle the level of risk you had placed yourself in (of course, you may have timed things well, but still...). You may want to be more conservative than age-in-bonds, perhaps 40/60 or even 30/70.
Let's say you want to do 40/60. Studies show that by even 20-40% of stocks, you have already captured the best part of portfolio longevity anyway, so there may be less need to take more risk than that.
If you want to keep things unbelievably easy, just pick one of the balanced funds (e.g., "Target Retirement", or Wellesley) that has the approximate equity/bonds split that you prefer.
If you want to engage a bit more control, Vanguard has a one-stop-shopping equities fund that covers the entire world:
100% (of your stock portion) VTWSX - Vanguard Total World stock index.
It's new and the expenses are a bit high, and the U.S. is only about 40% of the whole world. If you live in the U.S., you might want to weight the U.S. more strongly, hence, say:
60-80% VTSMX - Vanguard Total Stock Market (the U.S.).
20-40% VFWIX - Vanguard FTSI All-World ex-US (the rest of the world).
If you have over $100k in the Total Stock Market fund, the expenses are only 0.07% per year. After something simple like this, people might add a portion of Small Cap Value and perhaps a REIT fund. Vanguard has these too, of course.
Then, in your bond portion, you want a reasonable mix of relatively short term taxable (in your IRA) bonds. One stop shopping options include:
100% VBMFX - Total Bond Market.
You may want to tune it yourself, so perhaps equal proportions of something like:
VFIIX - GNMA bond fund.
VIPSX - Inflation protected bonds.
VFSTX - Short term investment grade corporate bonds.
There are other options too.
Another important question is whether or not you have significant after tax (unsheltered) savings. For the sake of flexibility and tax efficiency, it's often better to have a decent mix. This way, you can put your unsheltered money in tax-efficient broad-based mutual funds, such as Vanguards Total Stock Market fund, and your sheltered money in income-producing bonds.
I suggest that you go ahead and do it now, at least for the stock portion. Valuations are good.
Read a few books. I recommend "The Four Pillars of Investing" by Bernstein.
Best of luck.