How I prefer to run it:
- 1h per week alternating between estimating and planning
- (optional) 1h per sprint for backlog refinement
I like to keep two sprints worth of work in the backlog. More than that, the spec will change too much, and you will re-estimate. When a project has just started, or the requirements have become understood differently, to get four weeks of backlog work may require additional refinement. I typically do the bulk of this refinement myself (as a tech lead), and I try to avoid asking the team to have any extra meetings beyond what I mentioned above.
It can be good to have retros sometimes, but it's better to have a team that feels safe to share and discuss issues constructively without a mediator.
I'd also like to advocate for 1:1s. We are all humans and social organisms. Ideally, these 1:1s are 80% unrelated to a work task.