New research reveals how athletes struggle to find their identity outside of sport when they retire.
For top-level sportspeople, who often train for years and spend tens of thousands on elite training and equipment each month, adjusting to life after sport can be difficult. This is particularly the case if they retire at a young age, and can result in them living on food stamps and with credit card debt in their early post-athletic years.
Two-time Olympic champion Alex Morgan recently announced her retirement from women’s soccer, stating in a video that she “felt in my heart and soul this was the last season” for her National Women’s Soccer League club the San Diego Wave. She added that she was proud to have played a role in pushing the game forward for future generations of players.
But it’s not just professional athletes who struggle with the transition from sport to real life, and even amateur long-time athletes are at risk of losing some form of self-identity once they stop playing. This could be as simple as stopping the habit of exercising, or as complex as losing touch with their friends and connections in the sporting community.
Athletes need to plan for their transition from sport to real life, and the best way to do that is to start saving and investing money as early as possible, says Wally Chapman, division director at RBC Wealth Management-U.S., who is a former NHL draft pick and former player in the minor leagues and Europe. Taking out insurance policies such as term life and permanent total disability is also important, along with setting up trusts for estate and tax planning purposes.