September 20, 2024
‘I think the NFL does a great job of making sure we’re set up properly when we retire.’
Former NFL quarterback Michael Vick appeared on an episode of a podcast entitled Kickin It With the OGs earlier this year. During the interview, he discussed how his retirement money is set up to be paid six figures for the rest of his life, unlike many NFL players who leave the league.
It’s public knowledge that many professional athletes, particularly in football, end up broke because they don’t set up their finances correctly and/or overspend while not preparing for life after the money stops coming in from the sport Vick has made sure that he will never go broke, and he credits the NFL (National Football League) for helping make that happen.
“NFL players have great benefits. I think the NFL does a great job of ensuring we’re set up properly when we retire,” Vick said during the broadcast. “They put us in plans where if you play long enough and you invest while you’re in the league, in the plans, then you’ll have decent payouts when you get older.”
According to MoneyWise, the average player leaves the NFL around the age of 28. Vick played 13 seasons and retired at 36, playing more than the average player. He also lost two years after going to prison due to a scandal when he was convicted of participating in a dog fighting ring. Yet, despite the missed time, he stated that he brings in over $100,000 annually from his retirement income.
He also mentioned that he also has a disability plan, even saying he gets more than six figures annually.
“The league provides us with opportunities to make sure financial longevity is in place for us if you want it,” he said.
He admitted that some players don’t pay attention to what they can gain, but although he wasn’t financially literate, he paid enough attention to make sure he was straight in his older years.
“I’ve seen a lot of guys who didn’t want it, who didn’t pay attention.”
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