The Seattle Seahawks on-again-off-again running back and favorite son Marshawn Lynch has always been the go-to guy in the locker room that other players turn to for retirement planning help.
He explains the 401k’s importance to future goals, and took time at the podium following Seattle’s loss to Green Bay Sunday to reiterate his message.
After a frosty start with the press, for which he’s known, Lynch spoke directly to the vulnerable “young dudes” that might be new to the National Football League.
“They gonna be taking care of their chicken right, you feel me? If they was me or I had an opportunity to let these young [players] know something, I’d say ‘take care of your money African, cause that [expletive] don’t last forever.”
Referencing his time away from the game recently (only to score four touchdowns in three games upon his return) he acknowledged that he’s been “on the other side of the retirement, and it’s good. I mean, you get over there and you can do what the [expletive] you want to.”
Emphasizing that it’s important to know where they are and what they can do with proper planning, he cautioned the players to take care of themselves.
“So, I tell y’all right now, while y’all in it, take care of y’all bread, so when y’all done, you can go ahead and take care of yourself,” Lynch said before getting more specific. “So, while you’re at it right now, take care of y’all bodies, you know what I mean, take care of y’all chicken, you feel me, take care of y’all mentals, cause it ain’t lasting that long.
Referencing past players with physical and mental trauma after their playing days, he added, “You know, I had a couple of players that I played with that, you know what I mean? They’re no longer here no more. So, you know, feel me? Start taking care of y’all mentals, y’all bodies, and y’all chicken for when y’all, you know, are ready to walk away. You walk away, and you’ll be able to do what you want to do.”
Grim outlook off the gridiron
With horror story after horror story of professional athletes going broke soon after retirement, anyone who takes up the flag to assist in proper planning is to be commended, even if it’s simply to call attention to the need.
And that need is huge.
Sports Illustrated reported the grim statistics back in 2009—78 percent of NFL players face bankruptcy or serious financial stress within just two years of leaving the game and 60 percent of NBA players face the same dire results in five years.
However, for those that do save, the professional football league’s 401k—the NFL Player Second Career Savings Plan—is routinely touted as a top-tier retirement plan.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
