The past few weeks have seen a flurry of athlete retirement news. Super Bowl hero Nick Foles hung up his jersey, and women’s sports pioneer Alex Morgan played her final game for the San Diego Wave.
Those who are retiring can find it challenging to transition into retirement, particularly those who have devoted much of their lives to their sport. Research shows that top-level athletes often identify with their former careers and feel a strong connection to the community they built in their respective sports. It’s difficult to break that bond, and those that struggle may end up losing motivation for exercise or even regressing into their old training habits.
Fortunately, retired athletes can make the transition easier by staying in touch with their sport peers. This maintains a connection, and it’s also important for them to keep their parents, partners and coaches involved in this process. These outsiders can help them find a sense of identity in life after sport, which will be a key factor in their success in this new chapter. Additionally, it’s recommended that these retirees pay off their debt and invest in income-producing assets to ensure they can cover their expenses. This will help them avoid paying early Social Security taxes, which could put them in the red before they reach their full retirement age of 62.