Athletes often have to make major decisions at a young age, and one of the biggest is when they decide to retire. Whether it’s because their sport isn’t lucrative enough or they just want to spend more time with their families, retiring is an important life milestone that requires careful planning and consideration.
For many elite athletes, the transition from sports to life outside of them can be difficult. The stress of constant training, expensive equipment and foregoing a normal job can add up, and a new study finds that more than half of elite athletes in Britain feel unprepared for their retirement from competition.
That’s why a new program to support retired Olympic and Paralympic athletes is making a big impact. Athletes who have competed in two or more Olympic Games will be eligible for $100,000 payments to help them get back on their feet in retirement.
The program is a partnership between the U.S. Olympic Committee and the Stone Ridge Holdings Group, with a $100 million “anchor funding gift” from philanthropist Steve Stevens. It’s expected to be the first of several similar programs to assist retired athletes.
The news comes on the heels of Lindsey Vonn announcing her return to the U.S. ski team, a move that will take her out of retirement at the age of 40. She has won three Olympic medals, including downhill gold and a super-G bronze in 2018 in Pyeongchang.