Michael Vick says his NFL retirement income is well into the six figures: Why it's important to know your benefits

By admin On Sep 20, 2024 0

Be a Professional athlete It is a glamorous career, but short-lived. According to Red blood cell researchAthletes typically retire before age 30. In the National Football League (NFL), the average retirement age is just 27.6.

Fortunately, the NFL has “great benefits” for players, according to former quarterback Michael Vick. After playing in the league for 13 seasons, the once-bright star turned controversial figure retired in 2017 at the age of 36. Even after missing two years of playing time while serving a prison sentence for his involvement in a dogfighting ring, he says he still receives a check in the upper six figures each year.

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“I think the NFL does a great job of making sure that we're adequately prepared when we retire,” Vick, now 44, told Aristotle Varner Jr. in a episode from “Kickin It With the OGs” on YouTube in May. “They put us on plans where if you play enough and invest enough while you’re in the league, then you’ll have decent payouts when you’re older.”

Benefits for the player

However, Vick did not specify the details of his annual payment, citing the NFL. Benefits Summary For former players who are already vested, it can come from an annuity program that eligible players can access as early as five years after their final season. Players also have access to a 401(k) Plan and a capital accumulation plan. There is also a pension plan available, from which players aged 55 or over can receive monthly payments based on the number of credited seasons they have under their belt.

Additionally, Vick says he is eligible for disability benefits due to injuries he sustained throughout his career. Former players are eligible for expanded health insurance coverage and participate in a medical reimbursement account plan.

“The league gives us opportunities to make sure we have financial longevity, if we want it,” he said. Unfortunately, he witnessed some of his peers lose similar benefits and security. “I’ve seen a lot of guys who didn’t want it, who didn’t pay attention.”

Vick's experience highlights the The importance of financial literacy and awareness.

Read more: Rich, young Americans are fleeing the turbulent stock market. These are the alternative assets they are relying on instead

Awareness of the benefits

By the end of 2023, about 56.6% of American workers had access to a 401(k) account, according to the transfer service CapitalizeHealth benefits are equally widespread. By 2023, 53% of all companies offered some health benefit, according to the Kaiser Family FoundationThis figure rose to 94% among those with more than 50 employees.

Other benefits were less common. Only 23% of unionized workers and 27% of nonunionized workers had access to paid family leave, according to the report. Bureau of Labor Statistics.

Workers could also be missing out on some benefits because they don't know how to work. According to the American Society of Actuaries and Pension ProfessionalsAccording to MetLife research from 2023, 45% of employees reported that they do not fully understand the elements of their corporate benefits packages.

Take the time to understand all the benefits that are available to you or contact a professional. financial planner Seeking help could increase your financial security during and after your career.