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This is a handy rule of thumb. On average, you can pull 4% from a balanced portfolio and it should last in perpetuity. Again, on average, across a range of scenarios.

So $1M nets you $40k, before tax or around $33k after tax (assuming no-state tax state of residence).

That's $3k per month free and clear, which would be doable a single person in a LCOL area, even having to pony up for a high-deductible health insurance plan. You'd have almost nothing left at the end of the month, but that's the plan?

Edit: Good point below - most/all of the returns will be capital gains and the rate is 0% under $40k (which should be easy to keep below, since you'd be selling a percentage of initial investment + returns)

Since accruals and dividends will mostly be capital gains, and the 0% tax bracket for federal cap. gains goes up to 40k, the 40k will still be just under 40k after taxes (assuming no state).

This is the best advice here, by far.

If you don't want to live on $40K/year, another option to consider is getting a lower stress job at a lower salary, while withdrawing $40K/year.

This guy fires

Not currently FIRE, but close to it.