We’ve seen a slew of athlete retirement news lately, from Super Bowl hero Nick Foles to two-time Olympic gold medalist Alex Morgan. The transition to retirement is a major life change and one that requires careful planning. But it doesn’t have to be difficult – as these athletes prove.
Athletes can struggle to adjust to life after sport, especially if they retire at a young age. Whether it’s the mental and emotional stress of putting a career on hold or the financial burden of budgeting for elite training and equipment, the challenges can be overwhelming for many Olympians. It’s not uncommon to hear about former professionals struggling with food stamps and credit card debt in their early post-athletic years.
Taking time to find identity outside of sport can help with this adjustment. For some, it can take longer than others — particularly if they had to end their careers due to injury. But there are plenty of ways to get back in the game, even if it’s not as competitive as before. For example, WNBA legend Sue Bird and former US women’s soccer star Megan Rapinoe have recently launched podcasts that explore the intersection of sports and equality and inclusion.
It can also be helpful for athletes to surround themselves with people who understand what they have gone through. A mentor or a support network can be a great resource for an athlete who is struggling with the transition to retirement, whether it’s from the NBA or NHL. Lastly, it’s important for athletes to be financially literate. This can help them make sound decisions about their retirement plans, including investing and saving in a way that helps protect their wealth.