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.
Claiming the Child Tax Credit: Working dependents under the age of 17 are still eligible dependents for the Child Tax Credit. If a parent can claim a working 16-year-old as a dependent, the parent can claim the Child Tax Credit, which can be worth up to $1,000 per eligible dependent.