Creating static front page

I have a very full blog that has been active for awhile.
Now I'd like to create a static front page to feature some work. (Up until now, the front page has displayed the site's latest posts.)
In addition to creating one new home page to serve as the static front page, I understand I also need to add a new page called blog.
Will all of the blog material currently on the home page automatically be redirected to the blog page?

We can create a static pages and then choose to assign another page as the static front page of the blog, and assign another page to be the running page for posts, rather than the front page > Settings > Reading
Front page displays
__ Your latest posts
__ A static page (select below)

* Front page:
* Posts page: