Yup, it’s called Coast FI or Barista FI, and it’s what we did. We calculated that $200k now would equal $1M at age 65, which would give us enough to live on. So our goal was to save up $200k in retirement accounts. Once we hit that number, we downshifted to more enjoyable jobs with better work hours. Our next number was $1M, at which point we would be completely FI.
The interesting thing was that once we hit $200k and we downshifted, our income did not actually decrease. Our savings rate increased. I think that was due to a few reasons. 1) It took us about 3-4 years to save up that $200k, and after four years, we had work experience and had been promoted, so salaries were higher. 2) We got pretty good at saving and that continued even after switching jobs.
We just hit $1M, so we feel now we really have flexibility to take on whatever work we want...or not.