Athletes who retire often find it hard to move on. Those who have prepared for the transition have a more positive experience. They have surrounded themselves with support systems and mentors. These people are able to help them overcome psychological and physical strains that can occur in retirement.
Many retired athletes struggle financially. It can be difficult to make the transition from a high-income, highly-managed lifestyle to surviving on minimum wages with little or no support system. This can lead to depression and substance abuse problems. Many athletes spiral into bankruptcy or end up on food stamps. The problem is most prevalent in the NFL, where four out of five former players become bankrupt within two years of retirement.
Having support systems outside of sports can be helpful, too. Many retired athletes have second careers in business, coaching or politics. Others focus on philanthropy, public speaking and mentoring young athletes. Some have even joined the military. It’s also common for retired athletes to endorse products. Charles Barkley, Michael Jordan and Tom Brady are just a few of the big-name athletes who have endorsement deals.
Having health insurance in retirement is also important. WNBA players are fighting for this benefit as part of their CBA negotiations. Some athletes have to rely on COBRA, which is available for a limited amount of time after leaving their professional sport. It’s expensive, but it can be the difference between having health insurance or going without.
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