Should You Tap Retirement Savings to Fund College? There are three things to consider before dipping into retirement savings to pay for college. Related Content Mortgages in Retirement Explore the benefits and drawbacks to paying off your mortgage prior to retirement with this article. The Financial Literacy Crisis Many Americans are operating their personal finances with only the barest minimum of knowledge. A Look at Systematic Withdrawals This calculator may help you estimate how long funds may last given regular withdrawals.