We keep 3 years of barebones cash, and with the munis we have and my planned muni additions (bonus), we would have barebones expenses in perpetuity, so long as the guvmint doesn't go completely out of business.
This would mean a lot of gardening, from which I get a lot of joy anyway, but it would mean essentially no travel, which I am looking forward to doing with DW. I'm learning still but it appears that longer term GO munis seem to be the safest, so that's where I'm headed.
Any extras are going into AA, GE, ED, a couple medical/pharmas, etc, that make things and pay dividends. The extras/travel will come from dividends, so long as they conyinue to be paid. Not retired yet, and I see this as a great time to buy...may have to buy for a long time, and wait for a while for values to come up, but I'm not too depressed.
R