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.
Find out how to claim dependents Can Two or More People (such as Divorced Parents) Claim the Same Child as a Dependent? Only one taxpayer may generally claim any one person as a dependent on a tax return (except, of course, in the case of a married couple filing jointly).here are situations, such as in the case of divorced parents, where a child may be claimed as a dependent by more than one person. Generally, only one person (or married couple filing jointly) may receive the tax benefits derived from claiming any one dependent.