Despite sounding like a creature from a Star Wars movie, a QLAC is actually a tool that can be very helpful in funding a prolonged retirement. QLAC is an acronym for a Qualified Longevity Annuity Contract. QLAC’s provide guaranteed monthly payments until death and like many other annuity contracts are shielded from the fluctuations of the stock market. Further, a properly designed QLAC can help to manage one’s Required Minimum Distributions from Individual Retirement Arrangements (IRA’s). In doing so, the QLAC may also allow its owner to reduce his/her lifetime income tax bill.