The internet says the magic number for financial independence is simple: take your annual expenses, multiply by 25, and that's your target. Need £2,000 a month? You need £600,000. But the 4% rule was built on gross US returns — and for UK dividend investors, the number that actually matters is what lands in your bank account. After US withholding tax, FX conversion fees, and UK dividend tax, a 4% gross yield can shrink to as low as 2.67% net. This episode walks through three scenarios — ISA with US stocks, basic rate GIA with UK stocks, and higher rate GIA with US stocks — showing how your required portfolio jumps from £600,000 to £706,000, £656,000, or even £900,000 depending on your setup. It also reveals the one scenario where 4% gross actually equals 4% net — and why it comes with its own trade-offs. Use Nestor's Independence Journey feature to see your projected path based on your actual net yields, not textbook assumptions.From the team behind Nestor – Dividend Trackerhttps://www.nestordividendtracker.co.uk