The past few weeks have seen a flurry of athlete retirement news, from Super Bowl champion Nick Foles to women’s soccer legend Alex Morgan hanging up her cleats. For many athletes, this can be a difficult transition—they spend their entire lives building for that one moment, and then must shift from training around the clock to surviving on minimum wage and finding a new sense of self-identity outside of their sport.
The change can be even harder for long-time elite athletes, who may have spent most of their adulthood focused on their sport and have developed strong connections with their teammates and the sporting community. Research shows that retiring from a high-level sport can cause athletes to struggle socially and psychologically, with some resorting to depression, eating disorders and substance abuse.
This can be especially true for top-level athletes who have been involved with their sport for a long time, and research published in Qualitative Research in Sport, Exercise and Health suggests that many struggle to identify themselves as anything other than the athletes they used to be. Dr Francesca Cavallerio, lecturer in sport and exercise science at Anglia Ruskin University, interviewed female gymnasts who had retired from elite-level competition. She found that their stories generally fell into one of three narratives:
Athletes who prepare financially well for retirement can ease the transition. They should pay off their debts and build income-producing investments, such as real estate, fashion or broadcasting. Many also consider purchasing life and disability insurance, which can help protect their wealth in the event of a major injury or unexpected illness. RBC professionals recommend that athletes consider a trust for their assets, which can provide tax benefits and peace of mind.