Over the last few weeks, we’ve seen a flurry of athlete retirement news from Super Bowl hero Nick Foles to Olympic gold medalist Alex Morgan. In addition to the physical toll of retirement, it can be a tough mental transition as athletes find their new self-identity outside of their sport. Athletes often spend their entire lives preparing for one moment, and when that day comes, it can be difficult to let go.
The average professional athlete retires much earlier than most Americans, and for some it can be a difficult adjustment from training around the clock to living on a minimum wage salary with little support. In fact, some former Olympians have reported relying on food stamps and credit card debt in their early post-athletic years.
Fortunately, there are steps that can be taken to make the transition easier. The first is to remember that retiring isn’t a sudden act. Instead, athletes should think of it as a process, and implement methods like competing less frequently, training less or giving themselves days off from their sport to slowly adjust to the new lifestyle.
Another way to ease the transition is to stay connected with peers, teammates and coaches after retiring from their sport. It can help athletes maintain a sense of identity and purpose in life, and also ensure that they continue to keep fit outside of their sport community. Lastly, it’s important for athletes to understand the risks of retiring too soon and consider taking out a policy such as permanent total disability insurance to protect their financial future.