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Knowing when it’s the right time to retire can be difficult, especially if you love your job. Even professional athletes have a hard time knowing when to walk away!
These athletes thought they were ready for retirement but “un-retired” and returned to seek new challenges or extend legendary careers. Let’s look at their non-traditional retirement stories.
After the 2022 NFL season (and after missing out on another Super Bowl), Tom Brady announced his retirement, only to roll it back about a month later. His “retirement” barely lasted 40 days! After reflecting on his decision, he stated that the time will come when he is ready to retire, but it’s “not now.” Instead, fans can expect to see him playing for the Tampa Bay Buccaneers for his 23rd season in the NFL.
Michael Phelps is one of the most decorated Olympic athletes and claimed 22 medals (18 gold) when he announced his retirement in 2012. But, he dove into the pool one more time for the 2016 Summer Olympic games and went on to win six more Olympic medals, including five gold medals. After 16 years of competing in the Olympics, Phelps announced his official retirement. He’s still close to Team USA and served as part of the NBC commentary team at the 2020 Summer Olympics in Tokyo.
Earvin “Magic” Johnson led a superstar NBA career and retired in 1991 after announcing that he was HIV-positive. He then went on to play in the 1992 NBA All-Star Game (and earned the MVP award). He wanted to play in the 1992-1993 season, but the comeback got scrapped in the preseason. He then went on to play 32 games in the 1996 season and then retired for good. At least, from basketball. Today, Johnson is an entrepreneur, and you often read of his involvement in a number of high-profile deals in a wide variety of industries.
The good news about retirement is that it’s far from the end. It’s merely a change in circumstances and might even be turned around if you miss the action or are offered the right deal. Retirement isn’t necessarily about leisure but about using your time to pursue what moves and motivates you. If you’re considering retiring, be sure to consider what you want to get out of retirement and paths you might consider.
Provided by Ed Wettig, CFP, Cornerstone Financial Planning Group, which offers investment management, financial planning and retirement income strategies. Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA 93013, 800-874-6910. Cornerstone Financial Planning Group and PlanMember Securities Corporation are independently owned and operated. PlanMember is not responsible or liable for ancillary products or services offered by Cornerstone Financial Planning Group or this representative.