Should You Tap Retirement Savings to Fund College? There are three things to consider before dipping into retirement savings to pay for college. Share | Related Content A Fruitful Retirement: Social Security Benefit Taking your Social Security benefits at the right time may help maximize your benefit. Split Annuity Strategy Here's one strategy that combines two different annuities to generate income and rebuild principal. Retirement Plan Distributions There are a number of ways to withdraw money from a qualified retirement plan.