Good thread. In retirement, it should be possible to take withdrawals purely as dividends, so there is no need to sell shares. In normal years, companies do a little better with each passing year, and slightly increase dividends each year. The 'bond tent' is a good idea, to avoid selling shares, but the 'tent' need not be large if dividends pay a moderate income even in a bad year. I live in Australia, and we have a government age pension scheme which is meant as a safety net, so that is only a small portion of retirement income for me. I also have superannuation, which makes up about half my retirement income. My total retirement income comes from superannuation, a small age pension, rents from property, and dividends.
A person approaching FIRE is likely to want to travel after retirement, in which case the travel expenses are anticipated and paid for from short term cash deposits.
Very rich people can afford to live entirely off dividends, because dividend income for them is still large even in a bad year.