“When you are retired, your entire net worth is you "emergency fund".”

I think it’s mentally useful to think about buckets, but in reality we know there’s no good way to determine when to empty and when to refill. So you figure out an asset allocation you think you can stick with and do just that.

OP can be 97% stock because his withdrawal rate is zero. Not going to be the case for most of us. I’ve got two kids in undergrad and one in med school. My WR won’t be zero for a long time, if ever.

Our bonds and cash adds up to about 15% of net worth. Typically has been 10% but I’m transitioning into retirement and been feeling like we need more ready funds.

Berkshire is about 35% tbills 65% equities (including wholly owned businesses. For comparison.

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