A recent survey by the Allianz Life Insurance Company of North America found that 51 percent of non-retirees question whether their 401(k), 403(b) and 457 plans are adequate ways to save for retirement. Twenty-seven percent of respondents said they believe the safest place for their money, after paying their expenses, is under the mattress.

Children's college funds also are taking a hit because of the recent economic and stock market volatility. Twenty-five percent of those surveyed said they have reduced or stopped saving for college.

Nearly half of all respondents said they have changed the way they save because of the current economic environment. Nearly 20 percent have reduced spending on other things to keep saving for retirement at the same rate, and 30 percent have stopped or decreased the amount they are saving for retirement. A disturbing 28 percent said they haven't even started saving for retirement.