The damage and difficulty too often caused by reckless spending behavior by professional athletes is widely known, with Sports Illustrated once reporting that an astounding 78 percent of NFL players go broke or are under significant financial duress within as little as two years after retirement.
In one of the more positive stories to survive the wreckage, Patriots tight end Rob Gronkowski (yes, Gronk) has emerged as an example of a player who’s doing it right, banking all his salary and instead living off of his endorsement money.
And now, John Hancock has teamed with a number of rookies to help raise awareness about the importance of retirement planning overall.
The players include Saquon Barkley (Giants), Calvin Ridley (Falcons), Sony Michel (Patriots), Phillip Lindsay (Broncos), Dante Pettis (49ers) and James Washington (from a team no one likes).
“Like many young adults, rookie professional athletes have high hopes for their careers, but may not take the needed steps or know the best strategies for planning for life after playing,” the company notes. “Through ‘The Long Game,’ [the players] are helping to shine a light on the importance of retirement planning through a personal video series that explores their respective long-term goals and passions outside of football.”
“I’m grateful to be living my dream of playing professional football, but I know it’s also important to focus on building a strong foundation for my future because I know football won’t last forever,” Barkley said in a statement “Now that I’m a father, I want to make sure I’m making the best decisions to build a long and happy future for my family.”
With the players’ efforts, John Hancock hopes to encourage more Americans to invest in their future today to help alleviate financial stress down the road and make the most of their retirement.
John Hancock teamed up with The Players’ Tribune and CBS Sports Digital to create “The Long Game.”
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.
