Am I crazy or is everyone underestimating their true needs with the logic of 25x’ing expenses to get to their goal? Let’s say I spend $100k/yr. I would then say I need $2.5M to FIRE, but what about taxes? If I really need $100k to spend I need closer to $120k before taxes.

25x is a fine rule of thumb but it seems too low if you’re heavy on pre-tax accounts or have low basis in your Roths… ?!