For many elite athletes, retirement is not an option but a requirement when their bodies give out. Others, however, choose to hang up their spikes and move on. In either case, it can be a difficult transition for many athletes. The good news is that there are ways to ease the blow, such as second careers in business, coaching and politics or even philanthropy. Many retired athletes also endorse products and find a comfort in being part of the public eye. For example, former WNBA star Tom Brady is a best-selling author and TV personality.
The financial transition can be especially difficult for some. Athletes often spend thousands of dollars on elite training and equipment, forgo regular employment and train around the clock. This can leave them broke, with some even resorting to food stamps and credit card debt in the aftermath of their career. It’s no wonder that many retirees struggle to identify with something other than their sport. According to a recent scoping review published by British Elite Athletes Association (BEAA), the majority of athletes interviewed reported feeling unprepared for life after their career.
For athletes like Team GB swimmer Alice Dearing, who knew she would retire if she failed to qualify for the Paris Olympics, it’s understandable that she feels emotionally and psychologically unprepared for her impending departure. It’s also true for Olympic gold medallists who have decided to do a U-turn on retirement, such as Tom Daley, who came back from two years away from diving in 2021 to win silver in the men’s synchronised 10m platform event.