If by “add 1 million to the economy”, you mean the local economy where the 80 year old lives, then sure I guess. But in general that’s just money moving around.
How does that work? I mean technically he takes 200k from the economy without producing anything in return. In very basic terms the government printing an extra 200k adds about as much value (assuming he's not actively investing and not doing anything else).
If he was “actively investing” would that change the situation?
Theoretically to some extent it would depending on how he allocated his investments (it could also be the opposite).