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 Systematic Withdrawals in Retirement Taking regular, periodic withdrawals during retirement can be quite problematic. Social Security: The Elephant in the Room Some people wonder if Social Security will remain financially sound enough to pay the benefits they are owed. When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases.