From Super Bowl hero Nick Foles to two-time Olympic gold medalist Alex Morgan, it’s been a week of athlete retirement news. But not all retirements are planned in advance and some athletes aren’t ready to hang up their cleats just yet. Here are four athletes who thought they were ready to throw in the towel but ended up “un-retiring” and coming back better than ever.
The biggest shift that many athletes must make in their retirement is finding their identity outside of the sport they are retiring from. This is easier for amateur long-time players but can be difficult for elite and professional athletes who have spent their whole lives competing and training.
Athletes should start planning for their retirement early. It’s a good idea to pay off all debt and invest in income-producing assets that can help with living expenses. Additionally, a financial adviser can help athletes establish a trust for estate and tax purposes.
It’s common for retired athletes to launch second careers, such as coaching or business ownership. However, not all these ventures are successful and some former athletes end up bankrupt or even homeless. Some athletes have started a foundation that helps other athletes and their families with finances, housing and education. Others have volunteered for various causes to give back to their communities. In addition, the right financial adviser can help athletes create a plan for philanthropy. It’s a great way to help others and feel good about yourself at the same time.