From New Orleans Saints safety Tyrann Mathieu to Buffalo Bills linebacker Lorenzo Carter, the sports world has been buzzing with athlete retirement news. For most athletes, the decision to hang up their cleats is a difficult one. They’ve spent their entire careers preparing for the moment they can finally call it quits, but it isn’t always easy to transition out of the spotlight and into the real world. It’s a huge adjustment going from training around the clock and living a well-managed lifestyle to surviving on minimum wage and often a lack of financial stability.
According to a recent survey from the British Elite Athletes Association (BEAA), over half of Olympic and Paralympic athletes feel unprepared for life after sport. And the BEAA has announced a new support plan that hopes to address this problem. The program, backed by a $100 million donation from philanthropist Ross Stevens, will offer a post-retirement fund to help athletes and their families.
Athletes can access the funds over a four-year period after their last Olympic or Paralympic Games, or by age 45, whichever comes first. The funds will increase with each additional Olympic or Paralympic appearance, up to a maximum of two six-figure payments per athlete’s career. Athletes who qualify will also receive access to other services such as coaching, mentoring and financial advice. This is just the latest move by the BEAA to address one of the biggest problems facing Olympic and Paralympic athletes.