Retirement money matters a whole lot in the grand scheme of things. Most people work the majority of their lives and pay into their 401k program so that when they retire, they can enjoy the fruits of their labor. The retirement age differs for most people, and the same can be said for NFL players.
Even though NFL players retire at a much younger age, they usually use their endorsement deals or money saved from their lucrative contracts to keep them afloat for a good amount of time, or the rest of their lives if they’re lucky . The current average retirement pay for NFL players is $43,560 a year.
Is the retirement pay for NFL players too low?
Depending on what job you do in life, much also depends on your pension or retirement funds could ultimately be worth when all is said and done. The NFL is still a business at the end of the day, so they also need to provide players with some sort of wage after said player is done playing the game of football.
As it stands right now, that average yearly retirement pay for NFL players comes with a few stipulations. The player in question would have to have played in the NFL for ten years, past 1993, and they then receive that $43,560 per year, tax-free, after the age of 55.
The NFL and the NFLPA have long battled about rights and money issued to retirees, which as it is, doesn’t seem to be very high. These players put their bodies through some of the worst physical toils, and to be paid only $43,000 a year seems very low. To be fair, they do mostly make millions of dollars during their playing careers, so saving said money should be a goal for most players.
Investing money is the route in which most players take as well. The current rise in cryptocurrency has pulled in a myriad of athletes, including Tom Brady. With the median retirement payment being that low, taking care of their money now should be the goal for every player, young or old.
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Players have begun to educate l themselves when it comes to financial literacy, so they can still provide for their families, long after their bodies tell them that it’s time to retire from the game of football. Look at Andrew Luck, he surprisingly retired at the age of 29, when his body told him it was time. Players have to protect their bodies for the sake of longevity, and sometimes retirement happens sooner rather than later.