30 January 2023
For many professional athletes, retirement means the end of a steady income. This is especially true for NFL players who often have shorter careers and retire in their twenties or thirties. So what do former NFL stars do to make money after they hang up their cleats?
|Working in the Media
|Sports analyst, commentator, writer
|Starting a Business or Investing
|Own companies, invest in real estate, stocks, or other assets
|Charity Work and Non-Profit Sector
|Work with foundations or organizations
|Endorsements and Sponsorships
|Promote products, brands
|NFL Pension Plan and 401(k)
|Monthly payments, tax-deferred retirement savings
|If unable to work due to a football-related injury
|Personal Appearances and Alumni Events
|Speaking engagements, autograph signings, charity events
Working in the Media
Retired NFL players can still bring in a steady income stream with the right type of media work. If they possess that distinct charm and charisma, then sports broadcasting or reporting on television or radio will be an ideal job for them.
Those who prefer writing may also consider contributing to magazines/websites or perhaps even publishing their own books!
Starting a Business or Investing
NFL retirees have the ability to invest their financial resources in stocks, real estate, or other ventures. They might even opt for a franchise opportunity and become part-owners of professional sports teams. Starting a business is yet another option available to retired NFL players that can help them secure financial stability and uncertain times ahead.
Charity Work and Non-Profit Sector
Retired NFL players can considerably boost their income by taking part in non-profit work or volunteering with a charity. By doing so, they get to contribute towards causes that are close to their hearts – whether it be education, health care, the environment and many more! What better way is there for them to make a difference?
Endorsements and Sponsorships
After retirement, former NFL players are still able to earn an income through sponsorships and endorsements. Such deals enable corporations to tap into their well-known names as a way of advertising their products or services. For example, retired athletes may get paid for promoting certain sports equipment brands or clothing lines.
NFL Pension Plan and 401(k)
If you are a retired NFL player, you can still maintain financial security through the pension plan provided by the league. This program starts to take effect once an individual has played at least three years in the NFL and reached age 55 – after that, they begin receiving payments based on their credited seasons (which are calculated from salary and number of years).
The more seasons you have under your belt, the higher your monthly income will be. Investing in your future with this pension plan ensures that even when retirement hits, money won’t become an issue!
The NFL additionally provides a 401(k) plan for players, which is a tax-deferred retirement savings vehicle. Players can allocate part of their earnings to the plan prior to being taxed, thus helping them decrease their taxable income and promote smart long-term financial planning. The provision of this resource truly exemplifies the league’s commitment to ensuring its players have secure retirements!
If a retired NFL player is unable to sustain employment due to an injury caused by football, they may be eligible for disability benefits. The NFL has two such plans: the Total and Permanent Disability Plan and the Line of Duty Disability Plan.
The former covers individuals who are irreversibly disabled because of their sport, while the latter provides help to those with temporary but football-related medical issues.
Personal Appearances and Alumni Events
Retired NFL players have another great opportunity to make some extra money by attending alumni or personal appearances. Former players are highly sought after for their knowledge and experience, whether it’s through speaking engagements or autograph signings. Furthermore, they may also be able to earn additional income from charity golf tournaments and other special events.
Overall, there are many ways that retired NFL players can continue to earn an income after they leave the league. Whether they choose to work in the media, start a business, invest in a venture, do charity work, secure endorsements, or participate in alumni events, there are plenty of opportunities for former players to continue to earn an income and stay financially secure after they retire.