At age 67, our 22-year-old retires and, according to Social Security, the 22-year-old can expect to get $80,000 a year in Social Security benefits. Now, keep in mind, that number is not adjusted for inflation, so thatâs about approximately the same as $25,000 a year today.
Even later in life, they may have to fall back on their parents. Usually when a parent provides most of a child's support, even if the child works, the parent can claim the child as a dependent, regardless of the child's age. When the child files his income tax return, he will not be able to claim his own exemption and may have a reduced standard deduction. But he can still claim many other deductions.
Qualifying Child/Relative. You can claim an individual as a dependent if he is either a qualifying child or a qualifying relative. If you claim a person as a qualifying child, then another person cannot claim that same child as a qualifying relative.ax forms image by Chad McDermott from Fotolia.com. When you are filing your taxes, you can receive an exemption for people you claim as dependents. However, there are requirements that a person must meet in order to be claimed as a dependent on a tax return.