Sports professionals face a unique challenge when it comes to planning for their financial future. With an average retirement age of 33 years, making the right financial decisions early in a sports career, preferably before the peak-earnings period, will have a profound bearing on lifestyle later in life.
When planning for their financial future, sports professionals need to consider carefully what their life may look like when they have retired from their sport:
- Will they begin a second career in a related or separate area?
- Do they have, or intend to have, a family to support?
- Are current purchases, such as real estate, aligned to their wider financial goals?
A robust pension plan that adequately caters for the needs of the principal and any dependents will always be a vital element in a good financial plan. Pension plans should be flexible and tax efficient, as well as having a transparent cost structure and excellent administration.
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