We’ve seen some of the sport world’s biggest stars retire recently, and it’s caused people to wonder what they plan to do in retirement. For many athletes, deciding to hang up their cleats can be emotionally and financially challenging. The cost of elite training and competition is substantial, and some Olympians have reported living on food stamps or credit card debt in early retirement.
Athletes often focus their lives on a single sport, and retiring from it can cause them to lose some form of self-identity in the process. However, retirement can be a transitional period, and athletes can adapt to it in a variety of ways. For example, by staying in touch with their sport peers and keeping up the connections they’ve built with their community through years of dedicated play.
In addition, a financial advisor can help athletes with retirement planning and other important areas of their wealth management. A professional advisor can ensure that an athlete’s financial situation is on track to support their active lifestyle after retirement and can even help them generate passive income, which can be a great supplement to their overall earnings.
Some athletes have taken a non-traditional approach to retiring, such as swimmer Michael Phelps, who retired in 2012 and returned to the pool just two years later, earning six more Olympic medals. Then there’s NFL legend Jerry Rice, who retired from the game but never completely left the field — and ended up winning another three Super Bowl titles after his retirement.