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I believe these figures are for a newborn.
If you are already 75, the odds of living to be 80 are dramatically greater. All the awful things that could have happened to keep you from reaching 75 didn't happen, and here you are!

So a problem with this calculation is that the target keeps moving.
So you reach 80 and are running out of money. "Darn! I should have planned for 85!"

Therefore, the plan, in order to keep from running out of money, is to assume an infinite lifespan and arrange one's portfolio so you can live off the interest and dividends without touching principal, or better, add enough principal each year so you have corrected for inflation.

Best wishes, Chris
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