In 2023, beneficiaries of Hispanic origin received an average annual benefit of $16,481 through the Old Age, Survivors, and Disability Insurance program. The corresponding average for all beneficiaries was $19,913.
For many older Americans, Social Security helps pay the bills. But how much those monthly checks matter to a household depends on what other income comes in and what it costs to get by.
Social Security Administration projections offer a useful starting point. In estimates for 2024, Social Security accounted for an average of 48% of household income among Hispanic or Latino beneficiaries age 60 or older. For beneficiaries overall in that age group, it accounted for 42%, according to the SSA’s Projected Profile of Beneficiaries.
The difference points to Social Security’s importance in retirement finances. It does not, however, show how much Latino beneficiaries at different income levels depend on the program.
The SSA estimates that the median monthly Social Security benefit for Hispanic or Latino beneficiaries age 60 or older was $1,328 in 2024, compared with $1,827 for beneficiaries overall.
These are individual monthly benefits, expressed in 2024 dollars. The median is the midpoint: half of beneficiaries receive less and half receive more. The figures are model-based estimates, not a record of what every person received.
The same projections put median household income at $58,716 for Hispanic or Latino beneficiaries, compared with $90,876 for beneficiaries overall. Household income can include more than Social Security, including earnings, pensions, retirement assets and income from other people living in the home.
Those measures tell different stories. A monthly benefit shows how much a person receives. Social Security’s share of household income shows how much the household relies on those payments relative to other income. Neither figure alone tells us whether a household has enough to cover its expenses.
Why income matters
The SSA’s projections show that lower-income beneficiaries overall tend to rely more heavily on Social Security. In 2024, the program accounted for an average of 80% of household income in the lowest income quintile, compared with 14% in the highest.
A quintile divides households into five groups, from the lowest-income 20% to the highest-income 20%. These figures describe beneficiaries overall—not Hispanic or Latino beneficiaries specifically.
The SSA’s 2024 table does not provide the same five-group breakdown for Hispanic or Latino beneficiaries. So the available projections cannot establish exactly how Social Security’s share of household income varies across income levels within that population.
Earlier research offers another measure of reliance. A 2017 SSA study using 2014 data found that 42% of married Hispanic beneficiary couples age 65 or older and 59% of unmarried Hispanic beneficiaries in that age group received at least 90% of their income from Social Security.
Those findings show that heavy reliance was common among many older Hispanic beneficiaries at the time. But the figures are historical, not current estimates, and they compare people by marital status, not by household income.
What this means for retirement security
Retirement finances reflect a lifetime of earnings, access to workplace retirement plans, savings, housing costs and family responsibilities. Some households have pensions or other income to draw on. Others have less room in the budget when an unexpected expense comes up.
Those circumstances vary widely among Latino households. The data do not explain why any particular household relies heavily on Social Security, and they do not mean all Latino retirees face the same financial situation.
The evidence does show that Social Security supplies a substantial share of household income for Hispanic or Latino beneficiaries overall. Earlier research also documented high reliance among many older Hispanic beneficiaries. What remains unclear from the current projections is how that reliance differs by income level specifically among Hispanic or Latino households.
The size of a benefit check is only part of the picture. Household expenses matter, too; including the housing and other costs discussed in another reporting on why California can still feel expensive as Latino incomes rise.
Resources for readers
People approaching retirement can review the Social Security Administration’s retirement benefits information and use my Social Security to access their own benefit information.
For background on the program’s long-term finances, read Parriva’s Social Security funding outlook. That article reflects an older projection and should not be treated as the latest official forecast.
Sources: Social Security Administration, Projected Profile of Beneficiaries; Hispanics’ Understanding of Social Security and the Implications for Retirement Security.
