The end of a career in sport is an important life milestone for athletes, and it’s often accompanied by sadness and mixed emotions. However, it doesn’t have to be permanent—in fact, many athletes go back into competition or even start a new career after retiring. Those who do make the transition successfully are well-equipped for what it takes to find success in a new phase of their life.
In the last few weeks, we’ve seen several famous athletes announce their retirements, including Super Bowl LII hero Nick Foles and NFL star Tyrann Mathieu. But what does athlete retirement really mean? And are these stars prepared for the psychological strains of such a significant shift in their lives?
Athletes who compete at the elite level of their sport spend thousands of dollars on coaching, equipment and travel in order to train around the clock. This can cause athletes to rely on food stamps and credit cards while also putting a financial strain on their families.
This makes it even more important for athletes to plan ahead and prepare financially for the end of their career, explains an article from RBC Wealth Management-U.S. Athletes in any league should focus on saving and investing early to set themselves up for future success when the time comes to retire.
Those who choose to retire from the sport of their choice should consider keeping in touch with their sport peers as this can help them maintain a connection and remain part of the sports community. It is also a good idea for athletes to stay connected with their families, partners and coaches. In addition, they should not forget to inform USADA of their decision so that they are no longer subject to out-of-competition testing and doping requirements.