The last few weeks have been filled with athlete retirement news, from Super Bowl winner Nick Foles to women’s soccer legend Alex Morgan. Retiring from competitive sport is a huge transition for athletes and they must work to find new ways of maintaining a healthy lifestyle as well as a sense of self-identity outside their sport. Research shows that the process of retiring is a complex one and it may take time for some athletes to feel comfortable with their decision.
When Alex Morgan retired from the National Women’s Soccer League (NWSL), she made a tearful video telling her fans that it had been a tough decision. “I knew at the start of this season that this would be my last, and it wasn’t easy,” she said. “But I know that the reason why I had such a wonderful career was because I never gave up.”
Shelly-Ann Fraser-Pryce, the most decorated female 100m sprinter in history, also hung up her spikes this week. The Jamaican sprinter won a total of eight Olympic medals and 17 world championship titles over the course of her career. She will now focus on empowering the next generation of Jamaican sprinters through her Pocket Rocket Foundation.
As retirees, it is important for athletes to stay in touch with their sport peers and coaches in order to maintain that connection. They must also make sure they maintain connections with family, friends and significant others in order to find support. It is also important that athletes set up their finances before they retire to ensure they are protected against any financial strains. RBC professionals recommend that athletes with substantial wealth consider establishing trusts to protect their assets, as well as setting up income-producing investments.