Struggling workers hold off on cutting 401(k) savings so far

"When people see that they're losing money, when they see those negative numbers in their statements, it's certainly tougher to stomach that," Hess said.

One sign that some people have started to eye their 401(k) plans as a source of cash is what Hess referred to as a "marginal uptick" in withdrawals and loans from the plans.

David Wray, president of the Profit Sharing/401(k) Council of America, said hardship withdrawals have increased only incrementally when averaged out across the 55 million workers who participate in 401(k) plans nationwide -a number that has risen substantially in recent years as more companies have eliminated pension plans. Hardship withdrawal increases have been focused in areas of the country hurt the most by the economic downturn and housing crisis, he said. Most people, once they are in a 401(k), rarely change their participation rate -or even their investments within the plan, according to Wray.

Companies that manage retirement plans typically have calculators available online to help participants figure out what effect changing their contributions would have, both to their paychecks and long-term savings. Because 401(k) contributions are made pre-tax, reducing the amount taken from each check often won't substantially change take-home pay, experts noted.