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 Message Thank you! Oops! Related Content Lifetime of Earnings Estimate how much you have the potential to earn during your working years. Silver Sneakers 101 Medicare’s popular program, offering free gym membership and health education. What If You Get Audited? The chances of an IRS audit aren't that high. And being audited does not necessarily imply that the IRS suspects wrongdoing.