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 The Power of Tax-Deferred Growth Why are 401(k) plans, annuities, and IRAs so popular? Choices for Your 401(k) at a Former Employer Individuals have three basic choices with the 401(k) account they accrued at a previous employer. Self-Employed Retirement Plans Estimate the maximum contribution amount for a Self-Employed 401(k), SIMPLE IRA, or SEP.