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If you are sure the Social Security and pension will continue, then $10000 annually or $50000 for 5 years living expenses would be fine. If you are suspicious that social security will be cut or the pension not properly funded, then more.
The idea is to have enough in bonds that will be maturing as needed so that you do not have to sell stocks into a bad market. If the market is rising
joyfully, you do just as well to sell some shares to raise living expenses.
Best wishes, Chris
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