Athlete retirement news is usually about big-name stars hanging up their cleats and pursuing other career paths in fields like real estate, fashion, broadcasting or even restaurants. But the truth is that even professional athletes have a hard time knowing when to retire.
While regular people typically retire in their 60s or 70s, many athletes choose to end their careers at much younger ages. This can create a tough transition as they go from being highly compensated and well-managed to surviving on minimum wages with little or no support system.
As a result, a lot of athletes struggle with early retirement, which can be extremely difficult for them and their families. Fortunately, there are many things athletes can do to prepare for this transition and make it as smooth as possible.
One of the best ways to get ready for retirement is to start preparing financially early. Athletes should pay off any outstanding debts and make income-producing investments to cover retirement expenses. Additionally, they should work with an experienced financial advisor to establish a budget and ensure that their assets are protected in the event of an injury or unexpected illness.
Another way to prepare for retirement is to formally withdraw from the Olympic or Paralympic movement testing pool. This can be done by submitting a statement to USADA through email or courier. If you’re a member of the Olympic or Paralympic movement, you must notify USADA by the end of your last competition that you’re withdrawing from the testing pool and requesting to be reinstated in the future. If you fail to comply with these requirements, you could face a sanctions violation under the World Anti-Doping Code or USADA’s National Anti-Doping Policy.