Business

Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

IRS

A government watchdog says the IRS can’t hire enough workers, which means a massive backlog of tax returns and refunds.

The Treasury Inspector General for Tax Administration says as the May 17 filing deadline nears, the agency is dealing with broken printers and copiers along with staffing shortages, which might be why you haven’t received your refund.

Retirement health care

Health care costs and medical expenses in retirement is up 1.7%.

A couple in their 60s retiring in 2021 will spend about $300,000 on health care and medical expenses during retirement, according to new data from Fidelity Investments.

The estimated costs are $157,000 for single women and $143,000 for single men.

That’s a 30% increase from 10 years ago.

Home sales

U.S. home sales are likely to hit a record high of $2.5 trillion in 2021.

RedFin says that’s a 17% year-over gain that would mark the largest annual increase in percentage terms since 2013.

The U.S. housing market has undergone a meteoric rise during the coronavirus pandemic, fueled by record-low mortgage rates and a wave of migration made possible by remote work.

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