Once the Cheering Stops: The Life of a Retired Pro-Athlete

Life after retirement for professional athletes looks significantly different than those retiring outside of pro sports. Many professional athletes retire during their late twenties or early thirties while the rest of the nation is retiring at their mid-fifties or sixties. The amount of money they were guaranteed during their games is no more, and they are now forced to enter the real world with only what they have saved to last the rest of their lives. Professional athletes have a limited skill set, because they have dedicated the majority of their lives pursuing their dreams in their sport. The majority of professional athletes go bankrupt because they lived a lifestyle of luxury and excessive spending during their careers rather than saving money for their future retirement. The life of a retired pro athlete looks like living a life struggling to keep afloat financially and avoiding bankruptcy. Many retirees look for another career to supplement their lacking income. Some return to college to earn a degree, others search for jobs involving sports (newscasting, reporting, commentating, etc.), some invest in endorsements, and the very unfortunate are homeless.

Transitioning from life as a professional athlete to a life of retirement is incredibly difficult. Athletes are accustomed to spending exorbitant amounts of money on cars, houses, dinners, and other luxuries. Many athletes live from paycheck to paycheck, and when they retire they no longer have any source of income. The frivolous lifestyle they once led isn't possible any longer. Athletes face an identity crisis as well. They were known for their performance on the field, yet when they stop playing they have to accept another life and reality they never needed to embrace before. Going from the top running back to a retiree is incredibly difficult, and many athletes feel lost or forgotten once they stop playing.

I think athletes struggle so much with their money because we live in a society where outward appearance is considered extremely important. People feel pressure to have the newest gear, the most expensive luxuries, and spend more money than the next man. Athletes are signed at an incredibly young age and lack the forward thinking to plan for their retirement. We as a society do not teach kids in high school how to manage finances, how to save money, invest, or plan for the future. When we have so many young athletes given millions of dollars, of course they are going to do a poor job at spending it wisely. They lack the information on how to take care of their money wisely and are pressured by their peers to flaunt what they have.

I have considered the issue of bankruptcy in professional sports. It makes me mad because oftentimes these individuals are made out to be villains. I think it is incredibly sad that pro athletes who were highly respected during their careers are now being looked at as irresponsible and selfish when they struggle financially. I think that society is to blame for this issue. We are not teaching our children how to manage money in the future, and we are teaching one another that it is better to show how much money you have based off of your possessions rather than saving for down the road. These athletes are given millions of dollars at such a young age and lack the resources to make educated decisions with their resources. We are setting them up for failure.