So whats a college degree worth come retirement? Based on the personal savings rate of Americans of 5.4%, and Pews annual earnings data on millennials, it would appear to be worth about an extra $840,000 ($630,000 in static income plus the investment gap difference) over 40 years, and well over $1 million in a 50-year period. Thats a pretty good investment in your future if you ask me, and it doesnt even take into account the potential for wage advancement with a college degree.

Keep ROI in mind when selecting a college, and dont forget to budget

Going to college can clearly be to your benefit when preparing and saving for retirement. However, there are two other factors youd be wise to consider.

First, treat your college education like an investment. In other words, establish which colleges could offer you the best return on investment, or ROI. Going to an Ivy League college might net you a well-paying job, but it also could bury you under a mountain of student debt.

A suggested solution to help you determine which college could be right for you may be found in PayScales College ROI Report, which is released annually. PayScale looks at the median annual income of college graduates over a 20-year period and compares this income to the four-year cost of attending the college in question. The result is a detailed look at more than 1,300 colleges around the country. While everyones situation is different, the lesson here is that the most prestigious and expensive college may not be the best value for you.