Yes. $40k to start, and the inflation adjusted in year two.
Year One: $40k
Two, with 2% CPI: $40,000 x 1.02 = $40,800
Three, with 1% CPI: $40,800 x 1.01 = $41,208
Four, with 3% CPI: $41,208 x 1.03 = $42,444
and so on.
THE BIGGEST CAVEAT IS THAT THE 4% RULE OF THUMB IS MODELED ON ONLY 30 YEARS OF WITHDRAWAL.
So if you are FIRE'ing, at 40 - your timeline is more like *50* years of withdrawals. So 4% is TOO HIGH a withdrawal rate for that timeline.