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.4  Joint return test.s 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. 4  Joint return test.