The ‘R’ word is getting bandied about a lot these days: Super Bowl hero Nick Foles, women’s sports pioneer Alex Morgan and cycling legend Peter Sagan have all hung up their jerseys. As these icons and many others make the transition from playing to retiring, it’s worth noting how tricky the process can be.
It’s not just a question of figuring out how to stay fit and find a purpose, but also how to identify who they are outside of their sport. Athletes who have spent their entire lives focused on the game will likely lose some form of identity, which could lead to a loss in motivation and even mental health issues.
Those that are able to make the transition successfully are often the ones who stay connected with their sport peers and keep up a connection to the community, says Wally Chapman, a director at RBC Wealth Management-U.S., who is a former NHL player and coach. This helps athletes retain a sense of purpose and support when they stop competing, while making the shift to retirement a more gradual process.
In addition, he suggests that players start saving and investing early to give themselves the best chance at financial security once they do retire. For example, he recommends athletes considering life insurance and permanent total disability insurance to provide financial protection in the event of a catastrophic injury. Also, he notes that it’s a good idea for players who may be married to set up a trust to hold their assets.