This is not correct, stopping distance scales as the square of speed. The distance you'd need to stay from the vehicle in front to be able to stop if it magically came to an instantaneous stop is far, far larger than anyone will reasonably keep.
The stopping distance at 65mph, including reaction time, is at least 300ft. That's ~20 car lengths, not 6.5 that your formula would yield. If conditions are wet, your tires are not in great shape, or you're not paying attention, it's going to be much longer.