With Super Bowl hero Nick Foles hanging up his jersey and two-time Olympic gold medalist Alex Morgan playing her final game for the San Diego Wave women’s soccer team last weekend, the ‘R’ word is in the air. It’s a time of transition that can bring with it a lot of pressure. Retiring athletes can struggle to find a sense of self outside of the sport, and if they didn’t start saving enough money to live comfortably post-career, the financial strains can be significant.
According to a study by RBC, most professional athletes retire by age 30 or earlier. For many of these athletes, it is the first time they have ever had to live off their own income. They may be forced to budget for elite training and equipment costs that can run into thousands of dollars a month. That can leave them in food stamp or credit card debt in their early post-athletic years.
Thankfully, there are plenty of nontraditional ways for retired athletes to adjust to life after the spotlight. For example, former WNBA legend Sue Bird and US women’s national team legend Megan Rapinoe are hosting podcasts that explore the intersection of sports and equality and inclusion. They are also pursuing new business ventures and acting as ambassadors for their respective athletic apparel brands.
