For athletes, retirement news is usually a story about someone hanging up their jersey and retiring for good. But while retirement is a big life milestone, it doesn’t mean you can’t “un-retire” and come back better than ever.
For example, if you’re a retired Olympian, it doesn’t necessarily mean you won’t swim another day. That’s exactly what happened to former Olympic swimmer Michael Phelps, who was forced into retirement from swimming due to injuries but has since come back and finished his career with 22 medals—the most of any Olympian in history.
Athletes also face a unique challenge when they retire from sport, according to research published in the journal “Psychology of Sport and Exercise”. The study found that when elite athletes retire, it can be difficult for them to adapt to life outside of their sport. This is because sports communities are often characterised by clear social and cultural expectations. Athletes that have spent a long time in a specific sport community tend to conform to these norms, which can lead to negative emotional states and a lack of sense of identity and purpose after retirement.
However, if you’re an athlete that’s ready to put down your gloves, it’s important to prepare ahead of time for what comes next. This means having a savings plan and knowing how to manage your finances. This will help you stay happy, healthy and motivated throughout your retirement. Whether you’re a pro or amateur, getting your financial planning in order will help you transition smoothly from sport to the real world.