Big News for Mississippi! Social Security Benefits Are Getting a Boost in 2025 – See How Much You’ll Get

There is a positive word for Mississippi residents: their administration will increase social security payouts. According to a Social Security Administration notification, welfare payouts will increase by 2.5% in 2025 to allow them to handle growing expenditures. The monthly social security benefit paid to qualifying citizens increases. Martin O’Malley, the Commissioner of Social Security, said in October 2024 that participants of the Social Security and SSI programs will get an increase in their income beginning January 1, 2025.

Great News for Mississippi:

Residents have encountered financial issues due to low income and rising basic living costs. Citizens have struggled to keep up with growing inflation rates and seek financial assistance from their government. The Social Security Administration is one of the leading organizations that provides financial assistance to the most needy individuals in the country. To sustain residents’ spending power, the SSA adjusts the payment amount each year based on the cost of living. In 2025, Mississippi citizens will benefit from a 2.5% boost in monthly payments from the government.

Mississippi Social Security COLA Increases:

Over the previous decade, the average COLA (Cost-of-Living Adjustment) increase was roughly 2.6%. The most significant substantial increase occurred in 2023, at 8.7%. In 2024, Social Security beneficiaries received a 3.2% COLA, benefiting more than 68 million people nationwide. The Supplemental Security Income program recently began providing additional payments to around 7.5 million individuals. As of December 2023, more than 469,500 seniors in Mississippi rely on Social Security income. It was distributed to 106,000 retirees, 43,000 disabled individuals, 14,000 spouses, 59,000 children, and widowed parents. These contributions highlight ongoing federal measures to assist people experiencing poverty with living expense inflation.

Social Security 2025 Changes and Contributions:

Every year in January, Social Security adjusts the monthly payments based on average income increases.

• The maximum taxable pay will rise from $168,600 to $176,100. Self-employed individuals pay 12.4% of Social Security taxes, while employers and workers pay 6.2%.
• In 2023, the OASI and DI trusts’ total income was $1,351 billion, which included $1,233 billion from net payroll taxes, $67 billion from interest, and $51 billion from benefit taxes.

Social Security Tax and Earnings Limits for 2025:

When an individual’s income exceeds $62,160, taxes are deducted from their Social Security payments. A person who reaches their FRA in 2025 will receive the maximum amount of $62,160. However, the FRA has no earnings cap remaining for the rest of the year. This ensures fairness without reducing the capacity of recipients at that age to continue working without restriction after they reach their full retirement age.