As athletes continue to push the boundaries of their sports, many are deciding it’s time to retire. Carmelo Anthony, Megan Rapinoe, Peter Sagan and Tessa Worley are just a few of the big names stepping away from competition this year. While the decision to retire is a major milestone for any athlete, knowing when to walk away isn’t always easy.
Athletes who have a hard time leaving their sport behind may struggle with identity confusion and an inability to find themselves outside of their former life, according to new research. A paper published in Qualitative Research in Sport, Exercise and Health by researchers from Anglia Ruskin University, the University of Portsmouth and St Mary’s University explored how top-level athletes cope with retirement.
The study found that those who are able to make the transition well have a clear sense of going forward, while others remain entangled with their former lives, which can lead to depression and even substance abuse. While these issues aren’t exclusive to sport, the environment of elite level sports makes them more pronounced.
For those who are still competing, it’s important to be prepared financially for retirement. Professional financial advisers at RBC recommend that athletes start saving and investing early so they can generate returns over the long term. RBC also recommends that athletes consider insurance products such as permanent total disability and term life insurance to ensure they have the financial resources to cover expenses during their golden years.