Why this matters
What this means.
For example, if yearly spending is £40,000, a 25x target asks the calculator to test £1 million as one of its two capital checks. £40,000 is 4% of £1 million. That relationship is not another input or proof that withdrawing 4% each year will be sustainable.
Year impact
How this can move the year.
A higher portfolio target requires more capital and can move the Financial Independence Year later. A lower target can move it earlier, but not when the separate duration requirement still governs.
How it is used
How the calculation uses it.
Tools uses your selected portfolio target multiple. Its reciprocal describes the spending-based target; the spending share on your result instead uses projected assets at the FI Year. The two percentages can differ. The spending share is not a separate calculator input, and neither percentage prescribes a rate. Undefeated does not model changing withdrawals, tax, sequence risk, or spending after that year.
Estimate limits
What can make the estimate change.
The estimate can move when you change spending or expected real return. Tax, access to money and later withdrawal patterns are not modeled separately, so the year cannot tell you how those will unfold.