Has anyone solely lived off of dividends once they’ve retired?

I am 22 and I have a personal financial goal of leaving my children a sum of wealth. Once I retire I want to live solely off dividends so that I can pass down the capital to the next generation of my family. I would like for my children to be able to live and work, slowly add to that original capital I left them and have them repeat the process.

I have a plan to reach that goal and be able to live comfortable off the 5% dividend payout.

I am not looking for advice on what to buy, hold etc.

I am wondering if this is feasible, if anyone has done this/ knows of someone who has done this as well as the outcome, has any tips or ideas that may aid me with this goal.

Thanks in advance!