As the NFL season approaches, some of the league’s biggest stars are making it clear that this will be their last year. But deciding when to hang up your cleats isn’t an easy decision, even for professional athletes. We’ve heard stories of players who thought they were ready to throw in the towel, but ended up “un-retiring” and coming back better than ever.
From Carmelo Anthony to Megan Rapinoe, many of these athletes have made a lasting impact on their sports and their communities after retiring from the field. But for some, retirement can be a challenging transition as they struggle to find their identity outside of the sport they have spent so much time on.
For Olympic athletes, this is especially true, as they spend thousands of dollars each month on elite training and equipment and forgo employment to train around the clock. Some have even reported relying on food stamps or racking up credit card debt while going for gold.
Athletes who retire at a young age may also face other financial challenges as they adjust from being a high-earning, highly-managed athlete to a regular salary with limited support systems and few other sources of income. According to RBC professionals, it is recommended that athletes set up a trust to protect their assets and ensure the long-term stability of their lifestyles after retiring from the field. This includes ensuring that they have enough life and disability insurance in place to cover potential medical expenses as well as having income-producing investments in place to cover their living costs.