4TB will work with a total of 2TB to backup. My general recommendation is total storage to backup TIMES (at least) 3, or 6TB in this case if not more. And since you are including an external to backup, I'd probably imagine forward in time to see what size external I'm using in 3+ years too. Will that still be the 1TB drive or will you have perhaps added something bigger? You can buy a 5TB external HDD for < $100 these days and 4TB SSDs are below $200.
If you might fatten up that 2TB total, I'd best guess my future storage and multiple THAT times at least 3. If I best guessed that my future external might add something like that: 1TB internal plus 5TB external = 6TB times 3 = 18TB Time Machine drive.
Rationalization: there are
TWO key concepts/benefits of Time Machine:
- Backup your files. As is, 2TB would be fully enough for 2TB of storage.
- Go "back in time" to recover an old version of some file(s) now lost, corrupted, etc. The smaller your TM storage the less time available to do this. In other words, less storage reduces how far back in time you can go.
TM works by eventually filling the drive and then deleting oldest copies of file versions to create room for new copies. However many versions of files can be on hand at the time represents how far back in time you can go to recover a lost or damaged file.
For the sake of illustration (and admittedly heavily oversimplifying in this example), let's imagine that 4TB in your case will give you backups of your files to maybe 40 days ago. If up to 40 days from now, you notice a lost or damaged file, you should have an easy ability to recover it. Up to 60 days from now, you should have an easy ability to recover a version up to 20 days old today. Up to 79 days from now you should have the easy ability to recover a version as far back as maybe yesterday's "save" of that file.
Again, this is oversimplifying for a kind of understanding of how TM works: it's really about file
versions and not all files are getting backed up every day, so any given file might have an oldest backup actually MONTHS in the past in the above scenario.
However, the "catch" in not being able to travel back very far in time is the corrupt file or lost section/data file that you don't notice is corrupt or partially lost through many saves. Simple example: you are writing the great American novel and you accidentally deleted chapters 2-7 many saves ago, while continuing to write latter chapters. You may not notice this at all as you continue to write... but the updated copies of the book file are being written into your TM space with those missing chapters still missing.
One day you reach "The End" and you decide to give it a good proof read from the first word, Chapter 1. Here's where you realize that somewhere along the way, you accidentally deleted Chapters 2-7. Panic. Peril. Disaster. Angst. But wait, "I can recover them from Time Machine backups." So you start TM and begin stepping back in time in search of those lost chapters. If you have enough storage, you will be able to find a version that still includes those Chapters and recover them. Copy & paste them into the final document and the book is whole and complete. Hooray! Pulitzer prize incoming.
However, if TM storage is pinched, you might find that the oldest possible copy is one that also lacks those chapters... that the version of that file that included those chapters became oldest backup some time ago and was overwritten to create space for newer versions of the book file. If so, you get to attempt to recall and rewrite those chapters from scratch again. There's always next year+ to try for that Pulitzer.
Bottom line: too much TM storage is superior to playing the "what's the minimum?" game. If you only care about recent backups, you could probably go < 4TB. But if you want the core feature of TM, buying more space means buying more time travel capability. Instead of being able to only step back- say- 20 days (actually file versions) in the earlier example, abundant space might give you a 100 days (versions) or 200 days (versions), significantly increasing the odds of recovering about ANYTHING you discover is lost/mistakenly altered/corrupted (and many saved versions newer than the first corrupted file are corrupted too)/etc.
I hope this is helpful.
One more thing: while it's great that you are proactively thinking about backups (many don't until a dead or lost drive makes recovery urgent), consider that a much better idea is to get at least one recent TM backup OFFSITE. The simple way to do this is to purchase TWO drives for TM, set both up as TM drives and regularly rotate the two from OFFSITE to ONSITE TM backup. This protects data against fire/flood/theft scenarios. It does little good to have both your master copy (on Mac) and your TM copy at the
same location in those scenarios: you will lose all.
However, if one recently updated TM backup is OFFSITE, the odds of near full recovery goes up dramatically. I store my OFFSITE TM backup in a low-cost bank safe deposit box and rotate them every 30 days. Worst case for me is fire/flood/theft on day 29. Then I might lose the most recent 29 days of new files.
Someone else might argue for some kind of cloud service for this OFFSITE option- and that has some merit. My own personal preference is to control my data myself vs. trusting complete strangers "in the cloud." So I rotate drives as described. But cloud can help here and, admittedly, very recent files I work on will sometimes be in Dropbox or iCloud to easily work between several Macs I own (effectively being a fresh "third" backup of most recent files).
The best backup approach is going to utilize this kind of strategy. At least ONE recent copy stored safely
somewhere else is huge in terms of data peace of mind. You are already thinking in the right direction with at least ONE backup. Add one more like this and regularly rotate the drives and you'll have much greater security for ANY scenario.