This is another area that I disagree with common financial "wisdom". I've been retired for over 20 years without any income other than a small amount of dividend income that is mostly incidental. And I'm only 57 now so I still have a long ways to go (I hope). If I had retired with the plan to live off dividends, etc. I could have done that but I would of had to sell off most of my investments and buy dividend bearing stocks and/or bonds, annuities, etc. I could not have spent at the same level as I did. It's more capital efficient to make income from capital appreciation and continually sell off a small percentage of your stock (profit taking) and consider that your income.
It's a false distinction to create an imaginary line between income and capital appreciation. It's all capital, make it work for you. In retirement it's normal to spend down your capital. Ours has been increasing over the years even though our lifestyle is far from minimalistic. I attribute this to NOT making a false distinction between income and capital appreciation.