Athlete retirement news is a big topic right now, with the likes of Super Bowl hero Nick Foles hanging up his jersey and women’s sports revolutionary Alex Morgan playing her final game for the San Diego Wave Futbol Club. Having played three Olympic Games, including two gold medals, and having won countless titles, Morgan decided it was time to move on from her career. In her video announcement, she expressed how it had been a long process, but that she had come to the conclusion that this was the best choice for her.

Other top athletes from a variety of sports are also retiring this year. USWNT legend Christen Press is bowing out after a record-breaking 155-cap career, while Italy’s star defender Giorgio Chiellini and Britain’s judoka Gemma Howell both retired after competing in two Olympics.

While it may be difficult for elite athletes to adjust after leaving their sport, it is possible to find other ways to stay connected to the community and make a difference in society. Athletes should keep in mind that the shift from a sport-centered lifestyle to a more rounded and balanced life requires planning and patience.

Athletes should consult with a financial or legal professional to obtain specific information about their individual circumstances and to avoid any federal tax penalties. Generally, the withdrawal of assets from an investment account is not taxable unless it meets certain requirements, such as the requirements for an IRA distribution.