I'm working towards FIRE still, but I have 1 years of expenses in savings. I will probably do the same once FIRE'd. It's earmarked for a unknown future house down payment, but it works as an emergency fund as well. I know it's not ideal, and the money would be put to better use in the market, but I've come to enjoy the peace of mind of knowing I can effortlessly take care of any expense that crops up, or if I lost my job I'd have a year before I had to think about anything, including selling stocks and dealing with tax complications.