Should You Tap Retirement Savings to Fund College? There are three things to consider before dipping into retirement savings to pay for college. Share | Have A Question About This Topic? Name Email Address Question Thank you! Oops! Related Content A Look at Systematic Withdrawals This calculator may help you estimate how long funds may last given regular withdrawals. How Do You View Your Future? Learn how your personality influences your financial views. Paying Tax Later Doesn't Always Mean Paying Less 401(k) savings are taxed as ordinary income when funds are withdrawn.