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It really isn’t as simple as “a number” because of pensions, social security, and part-time or consulting work. In other words, income streams offset expenses at least partially, thereby reducing the number.
For me, I retired with no pension (just 401(k)), and the assumption that SS would in some way be eliminated by my max benefit age, so effectively it is zero. Pretty conservative. I also used 3% (expenses, pre-tax, <= 3% of invested assets, excluding home, cars, etc). So for example expenses of $100k would require $3.3 million in invested funds. That is also conservative, but allows the market and income to dip in the early years of retirement with sufficient capital to recover.
My actual retirement was Jan 2021. Decent market that year but I consulted long enough to earn my expenses plus some extra, so a positive year. 2022 the market hurt me but I again consulted (different client) for more than my annual expenses. 2023 looks like I will again consult, this time for a couple of years worth of expenses. I don’t expect a full portfolio recovery in 2023 but I’m able to give the accounts time to come back as much as they can, and to reallocate a bit as well.
So far it has worked out for me financially. A conservative retirement approach but aggressive investing approach makes me happy (both because I don’t expect to die soon). I’ll take SS when I need to if it is still available, and start drawing down the 401(k) as soon as I stop consulting so I can minimize RMDs later (and the taxes on them).
As to time, I’ve had plenty to do even without the intervention of consulting work. So that worry disappeared.
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