When you hear athlete retirement news, the first thought that comes to mind is “what next?” Michael Phelps is one of the most decorated Olympic athletes of all time with 22 medals (17 gold) and will be hanging up his swimming trunks at the end of this year. However, it is important to remember that retiring from your sport does not happen overnight. Rather, it is a process that should be approached carefully and with plenty of support to ensure you’re happy and healthy once you stop competing.
The largest shift when an athlete retires is finding a new form of self-identity that isn’t defined by their sport. This can be difficult, particularly in elite sport environments that have specific social and cultural expectations. Athletes will likely have to re-construct their identity and learn how to function outside of their sport, which can cause strains on the relationships with family, friends, coaches and partners.
In addition, financial pressures can also make the transition to retirement challenging. Athletes are forced to learn how to balance work and life, which can often come with a pay cut and a change in financial lifestyle. It is therefore important for athletes to understand how financial decisions should be made and to educate themselves about investing early on in their career to make this a smoother transition. Lastly, ensuring that athletes stay in contact with their sport peers helps to keep them connected and prevents them from feeling like they are completely lost when they stop competing.