Tax-protected retirement accounts, including 401(k)’s and Roth IRA’s, should be just one of three parts of a retirement plan. Personal savings and Social Security represent the other two elements of a good retirement plan. A survey from ING Direct found that one in five Americans are relying exclusively on Social Security, while the national savings rate has been negative for many years.

For better or worse, the economic recession has been a day of reckoning for many Americans. The national savings rate has increased sharply as spending has pulled back, but many continue to pull money out of the stock market at a time when prices are low. Combined, this is bad news for the retirement prospects for many Americans.

A recent study showed that consumers cut their spending for a sixth month in a row, while the personal savings rate rose to its highest level in the last six years. This is good news considering that 401(k) contributions may now be at risk. Another survey found that 29% of employers intend to reduce or eliminate 401(k)/matches, and another 12% plan to do so in the next 12 months.

In the end, conscientious consumers may want to continue their savings habits well after the recession lists and wages increase. With many employers cutting 401(k) plans at a very inopportune time, they may find that savings is one of the best ways to save for retirement.