Whether you're a baseball fan, football fan, or hockey fan, chances are there are certain players you look up to and particularly like to cheer on. And there may be some professional athletes whose careers you follow from start to finish.
But while you might admire certain athletes for their ability to pitch a no-hitter or score a record-breaking number of goals in a season, you might also be able to learn a thing or two about retirement from the athletes you respect. Here are a few lessons everyone can learn from professional athletes in general.
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1. Always be prepared for an early retirement
Athletes, by nature, tend to have relatively short careers. Many retire once their performance ability stars to wane, and some retire prematurely due to injuries.
Now the typical workplace career can last a lot longer than that of an athlete. But still, it's a good idea to prepare for an early retirement just in case it ends up happening to you.
This doesn't mean that you should anticipate retiring in your 30s the way many athletes have to. But don't assume you'll be able to keep plugging away at your career until your mid- or late 60s, either. You never know when health issues of your own might force you out -- even if your job is completely sedentary in nature.
To prepare for an early retirement, don't wait until you're more established in your career to fund your 401(k) or IRA. Instead, aim to contribute generously now and max out if your earnings allow you to.
2. Be open to a career change
Although many athletes are forced to end their initial careers at a fairly young age, that doesn't mean they all stop working completely in their 30s or thereabouts. It's common for athletes to pivot to other roles related to their respective fields.
A retired hockey player, for example, might choose to become a coach -- either for an NHL team, a minor league one, or a local one. A former baseball player might shift over to management or sportscasting.
If you're well into your career and are starting to feel burned out, don't assume that early retirement is your only option. Instead, explore different avenues. You may find that instead of retiring from your stressful finance job at 55 and starting to tap your savings at that age, you can instead spend the next 10 years earning a lower income in a field you find more enjoyable, thereby leaving your nest egg alone a bit longer.
3. Get help with financial planning early on
Due to the nature of how athletes earn, it's fair to assume that many seek help with financial planning. But you don't need to bring home a super-high income like professional athletes do to warrant financial help.
The reality is that anyone can benefit from working with a financial advisor. And using one to help plan for your retirement could increase your chances of being able to meet your goals and enjoy your senior years to the fullest.
Many of us are used to cheering on our favorite athletes and tracking their career stats. But it doesn't hurt to take these key retirement lessons away and use them to secure your own financial future.
