Should You Tap Retirement Savings to Fund College? There are three things to consider before dipping into retirement savings to pay for college. Related Content Trends in Charitable Giving Some people may want a more advanced gifting strategy that can maximize their gift and generate potential tax benefits. TIPS for Inflation If you are concerned about inflation and expect short-term interest rates may increase, TIPS could be worth considering. You May Need to Make Estimated Tax Payments If… Have income that isn’t subject to tax withholding? Or insufficient withholdings? You may have to pay estimated taxes.