Geometry is not special: it's just another data type. So add a geometry column to your existing table. Assuming you have installed and enabled PostGIS 2.x:
ALTER TABLE mytable ADD COLUMN geom geometry(Point,4326);
Then populate the geometry data by extracting the data out of the location
JSON column (which really depends on how the data are structured within this amorphous column):
UPDATE mytable SET
geom = ST_SetSRID(ST_MakePoint((location->>'lng')::numeric,
(location->>'lat')::numeric), 4326)
And that should be a start. Later steps would be to build GiST indices and do spatial queries with other tables or points of interests. You may also want to consider the geography
data type, instead of the geometry
data type, depending on your needs.