Athlete Retirement News – Financial Assistance For Post-Retirement Athletes

When news of athlete retirement breaks, it often generates plenty of attention. Whether it’s a celebrity like Carmelo Anthony, or a highly decorated professional athlete, such as Tyrann Mathieu, a former NFL safety who racked up 21.5 sacks during his 12-year career, the transition from stardom to retirement often comes with a sense of loss.

Athletes are also forced to make the move from a highly compensated and well-managed lifestyle to one that often consists of minimum wages, less stability and fewer resources than they may be used to. This can be a challenge, especially for athletes who are forced to retire due to injury or illness. A recent scoping review found that those who struggle to adjust to life after sport can experience negative psychological states that can have a long-term impact on their wellbeing.

Some athletes choose to come back out of retirement and continue to compete – think Michael Phelps, who won another six Olympic medals before retiring for the second time in 2012. For some, however, it’s a case of a desire to finish on a high and the prospect of being remembered by their fans.

Many athletes find themselves in financial hardship when they retire, relying on food stamps or going into debt as they shell out thousands of dollars for elite coaching and equipment. Some have even been known to resort to crowdfunding to make ends meet. In an effort to help, the U.S. Olympic Committee on Wednesday announced a $100 million program to provide post-retirement financial assistance to Olympians. The plan will pay each Olympic athlete $100,000 for every Olympic Games they compete in, starting 20 years after their last appearance at the Olympics or their 45th birthday, whichever comes first.