The possibility of retirement- unexpected or planned- can be undoubtedly a challenging thought for an athlete who has sacrificed their time, effort and even personal life for the sake of their sport. However, retirement from sport is inevitable and it is best that when that time comes, an athlete finds themselves ready; having already prepared and planned for it, both financially and mentally, from their very early days. Athletes may retire for a number of reasons, ranging from injury and deteriorating physical condition, which is especially the case for NFL athletes, to poor mental health or even changing priorities and personal reasons, as was the case with tennis legend Serena Williams, who recently stepped away from tennis to focus on motherhood and growing her family.
This month at the Money Smart Athlete Blog, we will explore the struggles mature athletes face, focusing on when it would be best for athletes to start financially planning for their retirement from professional sports and thinking about the future, looking into career paths which may be related to the sports industry, in addition to potential options which may be completely new to athletes and unrelated to sports. Finally, we will go over different ways which could help athletes deal with the possibility of an early retirement and be as prepared as possible.
Athena P. Constantinou