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.
There is no age limit on claiming your child as a dependent if the child meets the qualifying relative test. As long as all of the following tests are met, you may claim a dependency exemption for your child:1  Qualifying child or qualifying relative test, 2  Dependent taxpayer test, 3  Citizen or resident test, and.o meet the qualifying child test, your child must be younger than you and, as of the end of the calendar year, either be younger than 19 years old or be a student and younger than 24 years old.