Why Tapping Your 401(k) Early Can Sting

Instead, Barbera suggests setting up a management program to restructure and pay off debt the old-fashioned way, which takes longer but is more rewarding. He also advises clients to contribute at least as much to their retirement accounts as their companies will match and to start saving as soon as possible.

"Once you flip that tassel to the other side [at graduation], start investing," Barbera says. "Instead of asking your parents for a car, ask them to start a Roth IRA."

BankingMyWay.com offers several retirement calculators to structure a retirement plan or find out how much you can take out without penalties if you're at least 35 years old.