It’s no secret that many NFL players feel under appreciated after they retire and that the healthcare benefits they receive from the league are less than adequate.So just how much do professional athletes from the four “major” leagues make post-retirement?
The Street has a look:
- MLB players must play 43 days in the majors to earn a minimum $34,000 annual pension plan. Just one day in the majors gets them lifetime healthcare coverage. After 10 years in the big leagues, benefits grow to $100,000 annually.
- NHL players must participate in 160 games to earn an annual pension plan of $45,000.
- NBA players are vested after three years of service. Once they turn 62, they get at least $57,000 a year. The benefit is maxed out at $1.965 million after playing 11 seasons. Players that choose 401(k) plans are matched at 140%.
- NFL players are also vested after three seasons. They earn $470 a month for each year they played. So according to The Street, Brett Favre, who played 20 years, will get about $112,000 a year once he turns 55. The NFL’s optional 401(k) plan matches player contributions at 200%. Players that participate in four or more seasons can also get a $65,000 annuity bonus.
Obviously there are a lot of variables that must be taken into account, but based on these numbers, you’d think that most players that have semi-long careers, don’t retire with serious injuries, and have saved even a little bit would be in OK financial shape in their post-playing careers.
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