You can use this calculator to help with (1) and (2): Just change the Investment at Retirement value until the Age at Last Payout is what you want it to be. (vertex42.com)
Tanda operates a reward system where the last payout position receives a 2 percent cash bonus. (socialbarrel.com)
Another large investor recalls waiting 22 years to get the last payout from a 10 - year fund. (jasonzweig.com)