From Super Bowl hero Nick Foles to two-time Women’s World Cup champion Alex Morgan, the headlines have been filled with athlete retirement news. It’s a big step for athletes to retire from their sport, and they often face financial challenges once they do. Athletes should be prepared for this transition by taking the time to learn about investing and making wise financial decisions.
Athletes should also consider their social and psychological adjustment to retirement. Depending on the length of their career and how much of their identity is tied to their sport, retiring can cause them to struggle with their mental health. For example, they may lose motivation to exercise and may feel like a fish out of water.
Many retired athletes have found success outside of athletics, launching second careers in fashion, restaurants and real estate. However, for every George Foreman and Venus Williams who have become successful business owners, there are dozens who have gone bankrupt or failed at their ventures. To avoid the pitfalls, athletes should seek out advice from financial professionals when making any major decisions, especially investment decisions.
Although it is normal for athletes to make mistakes during their careers, it’s important that they learn from these missteps and prepare properly for retirement. By following these tips, athletes can ensure they are ready to retire and take on new challenges with confidence.