I don't believe the defaults Microsoft sets are always best for everyone; they pick a middle ground that is good for many
I agree 100% with this. I am just saying if you don't have a thorough grasp of how virtual memory works, how it is managed, and how it is specifically being utilized in your computer (which is based in large part by how you use your computer) then leave it alone and let Windows manage it. Guessing and old formulas is not the way. It takes careful observation, adjustments, observation and more adjustments to do it right. If the peak usage level is well below current PF size, then and only then would I consider setting a smaller size.
Well if I had a 60GB SSD and 12GB of RAM I wouldn't be using 20% of my SSD "in case" the 12GB of RAM wasn't enough and my computer needed to page.
Well, "what ifs", extreme examples, and exceptions don't make the rule. The vast majority of users (including our OP, forest.lawn) have more disk space than 60Gb and most users don't run with 12Gb of RAM.
"If" me, I would use that 60Gb SSD in one of three ways. (1) As the boot drive with only my OS, a Windows managed page file, with apps and temp files on a second drive. (2) I would use another drive as my boot drive, then create my primary page file on the 60Gb SSD, which I would have installed as a secondary (or tertiary drive) - keeping a small PF on my boot drive. Or (3), I would retire the tiny 60Gb SSD and add it to my pile of perfectly good but too small drives I have in my basement, along with old monitors, PSUs and other obsolete (but still working) electronics.
That said, I emphasis again that a Windows Managed page file expands and contracts as needed. So just because a Windows Managed page file is capable of being large, that does not mean it will be large, or that it will stay large.