Why this matters
What this means.
A higher portfolio target increases the spending-based amount without changing spending itself or the separate duration requirement. Extra target headroom does not remove uncertainty from the estimate.
Year impact
How this can move the year.
A higher portfolio target can move the projected year later. A lower target can move it earlier, but the duration requirement may still govern the year.
How it is used
How the calculation uses it.
Margin is represented through the selected portfolio target, not a separate calculator input. Undefeated does not decide what target is right, and it does not model specific emergencies, insurance needs, tax shocks, cash reserves, or sequence-of-returns risk.
Estimate limits
What can make the estimate change.
Changing the selected portfolio target can move the estimate, unless the duration check still governs. A single target does not calculate the effect of a particular emergency or cost.