How does the state pension affect my target?

Subtract your projected state pension (e.g., £10k/year) from your annual spending before multiplying by 25.
Example: Need £30k/year but get £10k from the state? Target = 25 x (£30k – £10k) = £500k. 
Tip: Find your UK state pension forecast here.
👉 Bill Bengen’s session (Week 9 bonus) looks at safety margins.