The last few weeks have seen a flurry of athlete retirement news, with the likes of Super Bowl hero Nick Foles and two-time Olympic gold medalist Alex Morgan hanging up their cleats. While retiring is an important step in any athletes’ career, it can be difficult for many to adjust to life without their sport.
Athletes are often forced to retire much earlier than the average person, and it can be a big adjustment to go from training around the clock to living on minimum wage with limited social support. It is not uncommon for Olympians to report relying on food stamps and credit card debt in their early post-athletic years.
It can also be a challenge for an athlete to find their self-identity outside of the sport they are leaving. Many athletes live and breathe their sport, so it can be challenging to find other passions that are just as fulfilling.
While adjusting to retirement, it is important for athletes to stay in touch with their sports peers and continue to connect to those who know them best. In addition, financial professionals recommend that athletes pay off their debt and start making income-producing investments to prepare for a future without their sport. RBC experts advise that it may be helpful for athletes to seek counseling as well, to make sure they are emotionally prepared for the change ahead.