Eli Manning’s retirement may be as sweet as a winning touchdown, but he won’t be the only one the NFL will treat well in retirement this year.
Veteran football players receive a host of retirement benefits after they walk off the field for the last time. Though they may not do as well as Manning — the 39-year-old New York Giants quarterback had a 16-year career and is the highest paid football player in history — there are still numerous benefits the National Football League provides its retired players.
Manning, who helped his team notch two Super Bowl wins, earned $252 million over his career, and announced recently that this season was his last. Other players have yet to say whether they’ll retire in the 2020 off-season.
New England Patriots quarterback Tom Brady, 42, said retirement was “pretty unlikely[1]” but “I’m not going to predict it.” New Orleans Saints quarterback Drew Brees[2], 41, said he’ll reveal his retirement decision in “a month or so.” Other players potentially exiting the game include Philadelphia Eagles center Jason Kelce, 32, who suffered injuries last year, and Anthony Castonzo, the 31-year-old Indianapolis Colts offensive tackle, who has started all 132 games he’s played in the last nine years, according to ESPN[3].
See: Colin Kaepernick ‘still ready’ to play for the NFL after being ‘denied work for 889 days’[4]
The NFL has a generous retirement package for most of its players, advisers who work with the league’s athletes said. Many football players receive a pension, a severance package after 12 months off the field, an annuity, a separate retirement benefit known as a capital accumulation plan and a 401(k) with a generous employer match (as much as $2 for every $1 the player puts in, up to $28,000 of employer matches a year). Some players[5] also get covered health care for five years into their retirement. The 401(k) contribution limit for individuals is $19,500[6] in 2020, which means football players could contribute as much as $47,500 this year.
“If you manage it properly, you can have a nice income to supplement another career,” said Evan Shear, a registered financial adviser with the NFL Players Association. “We know there are more days after your playing days than your playing days.”
But there are caveats, even for the players who earn multimillions. Pensions are only available to football players with three credited seasons, but the average career for NFL players player is less than that, said Steven Goldstein, a CPA with Grassi and Co., who works with athletes. “There is a high likelihood a majority of the players may not be eligible for the pension,” he said. “[Manning] is an exception to the rule.”
Also see: Here’s how much pro tennis players[7] and pro golfers[8] make in retirement from...