As we see with many high profile athletes, retirement news often brings a lot of speculation about what the athlete is going to do next. This is a valid question, as retiring from the sport comes with many psychological and physical strains. It’s important that not only athletes, but also parents, partners, and coaches, are aware of these strains to support them throughout the process.
The largest shift for retired athletes is finding their identity outside of the sport. This can be harder for elite and professional athletes who have spent their entire life in the sport circuit. It is possible that this transition can be a bit easier for amateur long-time players because they may have more connections to their community.
In addition to finding a new sense of self, retired athletes are often forced to adapt to a different lifestyle. They have to learn how to stay fit without the help of training partners and the structured routine of competitions and practices. It is important for athletes to understand that this can be a difficult transition because it changes their normal daily activity and how they feel about themselves.
After retiring, it is important for former athletes to make wise financial decisions. Athletes can start to plan ahead and set money aside by investing their earnings in assets that produce income, such as real estate or business ventures. They should also consider obtaining term life and permanent total disability insurance to protect their investment. RBC professionals recommend that they also create a trust for tax purposes and to establish peace of mind.