The past few weeks have been filled with athlete retirement news, from Super Bowl champion Nick Foles to women’s soccer legend Alex Morgan hanging up her cleats. Retirement is a huge shift for athletes who have spent years conditioning, playing and training. They must learn how to survive on minimum wages and find ways to stay healthy, as well as find a new identity outside of their sport.
For most, it takes some time to adjust to life post-sport. However, there are some tips that can help them ease into retirement. For example, it is a good idea for athletes to start saving money early in their career, says Tom Sagissor, president of RBC Wealth Management – U.S, and a former NHL draft pick. This way they can make income-producing investments that will help them cover their retirement expenses.
Another important tip is for athletes to spend time with their peers who also played in their sport, he adds. It will be helpful for them to maintain connections with them as they begin the transition into retirement. In addition, staying connected with their parents, partners and coaches can also aid the process.
For many athletes, retiring is not a sudden move. It is a gradual process that usually involves them slowly getting out of their sport and moving onto other areas in their lives, such as business. They can even continue to work in their sport, but it’s no longer their full-time focus.