1 September, 2018
The passion athletes have for their sport is unparalleled and hard to be replaced. Unfortunately, retirement from sport at a fairly young age is a reality in the lives of most athletes. And, if retirement is voluntary, it means that the athlete is rather prepared for his/her life after sports. In most cases though, retirement from sport is not voluntary and it is accompanied with many emotional and financial challenges.
Retirement from sport, especially at a young age, carries a number of negative side effects which include depression, addiction and suicidal tendencies. It is important for athletes to be prepared to deal with all the negative aspects of early retirement and create appropriate support systems which will help them maintain their mental, physical and financial health.
This month we want to help Money Smart Athletes get retirement-ready and give them the tools to smoothly transition to life after sport. As a Money Smart Athlete it is important that you develop and implement a comprehensive retirement plan from the very beginning of your professional sports career; a plan which will cater for a second career and the accumulation of wealth in the early stages of your professional sports career. Creating and implementing such a plan would ensure both emotional and financial stability in the long-term.
Athena P. Constantinou