Right now, it may seem that you have the future well in hand, but if you start doing the math on how many years you’ll face in retirement (possibly 50 years or more), you may realize that your money could run out a lot faster than you had planned.
There are three key areas that all professional athletes should be concerned with:
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Guaranteed Income (top)
Up until now, risk-taking has been a way of life — that’s how you’ve achieved the upper level of success in your sport. But once you start thinking about your family’s well-being, you may not be comfortable with risk .
You want to know that your family will always have their living expenses paid. The stock market offers no guarantees. You need to ensure a steady income for the rest of your life. Retirement is not a time to worry, it should be a time to enjoy.
Income to Enjoy Life (top)
Now that you achieved the financial success you always dreamed of, you’re not looking at retirement as a time to sit back and relax. Retirement is when you’ll finally have the chance to enjoy life — and do all of the things that you and your family have dreamed about.
When planning, it’s important to look ahead at what those dreams will cost in the future. Even if you were to maintain a steady paycheck based on your current spending, the average living expenses could increase by more than 184% over the next 25 years*. Can you imagine how much your “above average” lifestyle might increase? You should consider how to protect and maintain your current lifestyle throughout your retirement years.
Income that can Grow for the Future (top)
Most athletes achieve their success by being aggressive and taking risks on the field. Some continue that way of thinking into their retirement planning. They want to grow their hard-earned income through business, real estate and stock investments.
However, while risk-taking was rewarded in sports, you can quickly lose money in the financial world. Likewise, not investing at all or investing too conservatively will not return the type of growth that you would like to achieve. There may be room for all types of investments in your portfolio, but take care to balance your growth and income needs through wise planning.
