In the past few weeks, we’ve seen a flurry of athlete retirement news: Super Bowl hero Nick Foles retired from the Philadelphia Eagles, women’s soccer legend Tobin Heath called it a career, and two-time Olympic gold medalist Alex Morgan played her final game with the San Diego Wave.
For many athletes, retiring from competition is a major transition. It can be challenging to find identity outside of their sport, especially if they retire at a young age. It can also be financially challenging, as elite athletes must often budget for expensive training and equipment and forgo regular employment to devote themselves to their sport. That can sometimes leave Olympians and Paralympians on the verge of food stamps or credit card debt in their early post-athletic years.
While it can be a difficult process, many former athletes find success in new careers after they retire from competition. Some become business owners, coaches or politicians. Others work in philanthropy or mentor younger athletes. Some even find a place in professional sports as product endorsers, like Charles Barkley or Michael Jordan.
Athletes who retire from Olympic and Paralympic sport are now eligible to receive support in the form of a new fund for life after competition. The program, which was announced Wednesday, is backed by a $100 million “anchor funding gift” from Ross Stevens and is available to athletes who compete at two or more Olympic or Paralympic games. To learn more about the program, click here.