The past few weeks have brought a flurry of athlete retirement news, from Super Bowl hero Nick Foles to women’s sports pioneer Alex Morgan. Athletes spend their entire careers preparing for the moment they hang up their cleats, but it’s hard to know when that time will come. Fortunately, retiring is usually a process rather than an abrupt end.
Often, athletes begin easing into retirement by competing less frequently or by decreasing their intensity in training. This allows them to adapt to the new lifestyle while still staying fit. It also gives them a chance to find themselves outside of their sport. This shift can be particularly difficult for elite and long-time athletes who have a strong connection to their sports community.
For those struggling with athlete retirement, it’s important to remember that they’re not alone. Their families, teammates and coaches are also affected by the decision. Parents lose the ritual of attending competitions, partners have to adjust to a new routine and coaches may miss having a student they can be proud of.
Athletes who decide to retire should start by setting up a savings plan to help protect their financial future. It’s also recommended that they review their insurance coverage to ensure they’re properly protected in the event of a serious injury or death. RBC professionals recommend that players who have more than $1 million in assets establish trusts for estate and tax planning purposes. They can also benefit from the services of a financial planner, who can help them plan for the next phase of their career by exploring opportunities like investing in real estate, fashion or broadcasting.