The last few months have been filled with athlete retirement news, from Super Bowl champion Nick Foles to women’s soccer legend Alex Morgan playing her final game for San Diego Wave FC. Whether forced by injury, age or simply a desire to explore new interests, retiring from sports can be a tough transition for athletes. But just because an athlete hangs up their cleats doesn’t mean they can’t “un-retire” and come back better than ever.
The first step in the retirement process is finding a new lifestyle and form of exercise. This can be difficult for athletes who have spent their entire lives focused on their sport. Having a strong social network is essential to help ease the transition, as is finding a sense of self-identity that doesn’t revolve around their sport.
Athletes that have a plan for the future are less likely to lose motivation once they retire. By setting up passive income sources like a pension plan or investments, athletes can build an additional source of income that will help keep their finances on track once they stop competing.
Just as Olympic athletes work with the best coaches to achieve their goals, it’s important for athletes to have a wealth management expert on their side when it comes to financial planning. By working with a qualified investment manager, athletes can give themselves the best chance of a successful and comfortable retirement.