Americans retiring now are doing it alone: They're the first generation to rely on private savings instead of pensions to navigate the financial vortex of retirement, Axios' Felix Salmon writes.

Why it matters: 401(k) plans and IRAs don't generate steady and predictable income like pensions or Social Security. The result is a feeling of perpetual insecurity, even among those who've amassed substantial savings.

Catch up quick: When your retirement relies on a fixed pool of money like a 401(k), it becomes almost impossible to answer a simple question: How much income do you have?

• The individual retiree, rather than any fund administrator, ultimately decides how much money to withdraw each month.
• And a check isn't just income — it also serves as a simple way of setting a monthly budget.

Zoom in: For most retired Americans, many of whom retired as long ago as last century, guaranteed income still covers more than half of their total monthly spending.

• Today's retirees find themselves in a more uncertain situation, with a host of spending needs all having to be funded out of a volatile and unpredictable retirement portfolio.

By the numbers: In a recent Goldman Sachs survey, 51% of retirees reported living on less than half the income they enjoyed pre-retirement.

Between the lines: 45% of retirees, including 54% of women, said they found entering retirement to be somewhat or very stressful in terms of financial anxiety.

What's next: Those numbers are certain to rise as guaranteed incomes make up an ever-smaller proportion of retirement income.

📫 Are you recently retired or planning to retire soon? If so, Axios wants to hear about your experience.

• Share your thoughts on this form if you’re willing to talk to one of our reporters. Some responses may be featured in future Axios newsletters and on Axios.com.

Those with a 401(k) must generally be more disciplined and comprehensive in retirement planning than those with pensions, Loren Merkle of Merkle Retirement Planning tells Axios.

State of play: Pensions pay a lifetime annuity based on the number of years of service and final salary of the retiree. But fewer private employers offer them than in past decades.

• Only 15% of private industry workers have access to pensions compared to about 90% of state and local government workers, according to the U.S. Bureau of Labor Statistics.

Be smart: Merkle commonly recommends people save about 20% of their annual pay for retirement but acknowledges that can be difficult for working families.

• Workers should at least try to maximize matching 401(k) contributions if offered by an employer, he advises.

The bottom line: Time is your friend.

• The sooner someone starts saving, the better the chances for a comfortable retirement, Merkle says.

More than 4,300 property owners are protesting their 2023 assessments, Polk County Assessor Randy Ripperger tells Axios.

Why it matters: Monday was the last day that protests could be postmarked to challenge this year's assessments, which largely form the basis for property values.

Catch up fast: Iowa assessors are required to reappraise property in odd-numbered years.

• Polk's averaged a 22% increase for homeowners this year — the steepest increase in county history.

Driving the news: Protests are considered by a 10-member review board.

• Hearings started yesterday and are expected to continue through mid-July.

Of note: Legislation passed this year allows review boards to break into smaller groups, which will expedite Polk's process, Ripperger says.

• The new assessments will first be reflected on tax bills due in Sept. 2024.

The intrigue: There were boxes of protests delivered in the last few days that have yet to be counted, but Ripperger still doubts this year's tally will best the record of 9,716 protests set in 2003.

• Ongoing efforts to help people understand how state policies limit taxpayer pain likely led to fewer complaints, he says.

Plus: A bill approved by the legislature this week further limits property tax growth for cities and counties.

🧑‍⚖️ Amy Williamson, the former deputy director of the Iowa Department of Education, is suing the state for disability discrimination and retaliation. (Des Moines Register 🔒)

A Bondurant care facility worker who was fired after a resident froze to death last year is suing her former employer, alleging it discriminated against Black employees. (Iowa Capital Dispatch)

🦠 Drake University is dealing with a COVID-19 outbreak, which possibly started during last week's relays. (Radio Iowa)

💼 Check out the fresh open positions in the city.

1. Traveling General Superintendent - Healthcare Construction at JeDunn Construction.
2. AVP, Appraisal & Consulting - Purchase Price Allocation at Situs AMC.
3. Western Veterinary Partners at Tyree and D'Angelo Partners.

Want more opportunities? Check out our Job Board.

Hiring? Post a job.

Pella's annual Tulip Time festival starts tomorrow, drawing in an expected 150,000 people for the three-day event.

• Here are some tips if you plan on driving down for the festivities:

1. Don't pick them

Rumor has it that if you pick a tulip in Pella, you'll be charged $100 per flower.

• While Pella Police Captain Paul Haase says that's not actually true, you aren't supposed to pick them and offenders could be charged with criminal mischief.

2. Going Dutch

If a flower catches your eye, the city allows you to dig up specific bulbs on May 15 starting at 7am.

• The Pella Garden Club also takes orders for bulbs from the Netherlands and ships them locally in the fall. Deadline is June 10.

3. Go a bit earlier

Haase recommends visitors come on Thursday or Friday, as parking and getting into town on Saturday can be extremely congested.