The headlines this week have been filled with athlete retirement news. One of the most notable is Shelly-Ann Fraser-Pryce, who retired from track and field at age 39 after winning three Olympic gold medals and a world record in the 100m sprint. She has been a favorite for generations of fans, and she will be missed by many.
The decision to retire can be difficult for athletes, especially those who have been a part of the elite sports culture for a long time. They have been instilled with the values of the sport, and often associate their success with these cultural norms. Dr Wagstaff explains that it can be difficult to break away from these expectations and find a new identity outside of the sport.
Athletes may struggle to adapt to a different lifestyle, and the transition can be even harder when it is involuntary due to injury. A study by Dr Francesca Cavallerio, of Anglia Ruskin University, found that female gymnasts struggled to identify with anything other than their former careers.
It is important for athletes to plan ahead for their retirement. They should consider paying off their debts as early as possible, making income-producing investments and planning for any expenses that could arise after retiring. In addition, RBC professionals recommend that athletes consider setting up a trust to protect their wealth.