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.
For example, if only your child is on the student loan, you can't claim the interest payments, even if you claim your child as a dependent. However, if you are a co-signer and pay the interest, you can claim the deduction because you are legally obligated to pay the loan.or example, if only your child is on the student loan, you can't claim the interest payments, even if you claim your child as a dependent. However, if you are a co-signer and pay the interest, you can claim the deduction because you are legally obligated to pay the loan.