The sports world has been abuzz with athlete retirement news. Super Bowl hero Nick Foles, former NFL star Tyrann Mathieu and more are hanging up their helmets. Even a San Francisco 49ers’ All-Pro tight end has hinted that he may be ready to hang up his pads for good.
Athletes often retire at younger ages than other professionals and can face challenges adjusting to life after sport. Retiring from sport can cause emotional and psychological strain, especially for those who have poured their heart into their career. According to a scoping review published by Park and colleagues, athletes who experience early retirement can struggle to find a sense of identity outside their sport. This can impact their motivation and health in post-retirement.
Athletes can also suffer from financial issues in retirement. A new program launched by the United States Olympic Committee, funded by a $100-million gift from Stone Ridge Holdings Group, aims to help Olympic and Paralympic athletes through this difficult transition. The fund will provide $100,000 in payments to athletes after their competing careers. These benefits will increase with each additional iteration of the Olympics an athlete competes in, meaning that a two-time Olympic medalist could receive $300,000. Athletes should seek financial advice before retiring to ensure they are prepared for the next chapter of their lives.
