
Many U.S. Olympians struggle to get by. Now they'll get a $100,000 retirement boost
For many U.S. Olympic athletes, going for gold can also mean going broke as they shell out thousands of dollars for elite coaching and equipment while forgoing employment to train around the clock. Athletes have reported relying on food stamps, racking up credit card debt and resorting to crowdfunding to make it to the Games.
On Wednesday, the United States Olympic and Paralympic Committee announced a new financial assistance program for all Team USA athletes — a $100,000 retirement benefit per each Olympic Games that they participate in.
This program seeks to address the financial challenges athletes face, which 'have led many to choose between leaving their sports to find full-time work or continuing to train and compete while struggling with poverty or financial insecurity,' according to a 2024 report by the Commission on the State of U.S. Olympics and Paralympics.
While a select few famous athletes make millions from sponsorship deals, many Team USA members struggle to make ends meet.
Under the new program, athletes will be eligible to begin receiving their $100,000 retirement payments 20 years after the Games they competed in or when they turn 45, whichever comes later. The benefits add up over multiple Olympic Games, meaning that athletes who participated in three Games, for example, would receive $300,000 from the program. The benefits will be paid out over a four-year period.
Because of the two-decade delay in payments, these benefits will not put an end to athletes' financial struggles while they are training. However, they will help to provide a safety net for when athletes' Olympic careers are over.
USOPC Chair Gene Sykes called the program a 'springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.'
Ross Stevens, a Team USA supporter and the founder and chief executive of Stone Ridge Holdings Group, provided a $100-million donation — the largest in USOPC history — to establish the Stevens Financial Security Awards, which will provide the retirement benefits to athletes.
'I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence,' Stevens said in a statement.
The Stevens Financial Security Awards will begin with the athletes who participate in the 2026 Milano Cortina Olympic and Paralympic Games and continue at least through the 2032 Games, with a goal of becoming a permanent program.
In addition to the $100,000 retirement benefit athletes will gain for each Olympics they participate in, they will also accrue $100,000 in life insurance benefits, bringing the total financial benefits package to $200,000 per Games. Life insurance benefits will be distributed to athletes' family or chosen beneficiaries upon their death.
The United States is one of the only countries that does not provide government funding to its Olympic athletes.
Instead, the USOPC, the national governing body responsible for supporting and overseeing Team USA, is responsible for providing financial support for athletes in the form of stipends, grants and health insurance. They also provide direct payments of $37,500 for gold medals, $22,500 for silver and $15,000 for bronze.
The USOPC operates entirely on private donations and sponsorships. For many athletes, this financial assistance is not enough to support them during training, according to the 2024 report.
The report points to the experience of Olympic short-track skater Emily Scott, who struggled to get by on food stamps and a part-time job at a surgical supply factory after her USOPC monthly stipend was cut from $1,950 to $600 a month.
'The last thing you want to be worried about in a year like this is being able to pay your rent and eat, and you want to eat healthy,' she told USA Today in 2013. That was pretty hard. … But I'm not the only one suffering.'
The report points out that financial challenges can be magnified for Paralympic athletes, who 'often face much higher costs for specialized training and adapted-sport equipment. ... Sports prosthetics and adaptive gear can cost thousands of dollars and are rarely covered by health insurance.'
Many athletes rely on donations to make it to the Games. For the 2024 Paris Olympics, Team USA hopefuls raised more than $1 million on GoFundMe, according to reporting by USA Today.
Sponsorships are also an important funding source for Team USA members.
However, only the top tier of famous athletes — such as Simone Biles, Katie Ledecky and Michael Phelps — are able to secure corporate sponsorships that provide millions of dollars.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Forbes
10 minutes ago
- Forbes
Nike's Athlete Think Tank Aims To Shape Future Of Women's Sportswear
Nike Athlete Think Tank Cohort 4.0 Five years ago, Nike introduced a first-of-its-kind program called the Athlete Think Tank, which was designed to with one clear goal: to confront the challenges women face in sports. The Think Tank accomplishes this by convening and listening to elite women athletes, and then implementing their feedback to drive innovation for female athletes at all levels. To-date, Athlete Think Tank participants have included Serena Williams, Sabrina Ionescu, Faith Kipeygon, and Chloe Kim, and over the past five years, the program has served as a trusted space where athletes can help shape Nike's efforts to ensure all female athletes feel seen, heard, and supported. This year, Nike is doubling down on the belief that the future of sport will be shaped by women by kicking off Cohort 4.0 of the Athlete Think Tank, featuring top global athletes from across all sports. The list includes rising basketball star JuJu Watkins, Olympic medalist Sha'Carri Richardson, international soccer star Leah Williamson, basketball legend Sue Bird, plus many more. While their sports and backgrounds vary, these athletes share a collective goal of creating meaningful change by building a more equitable and inclusive future for women and girls in sport. For Sue Bird, a now retired athlete who has spent her post-playing career investing in women's sports through venture capital, entrepreneurship, and media, joining the Think Tank is highly personal. 'There's the old adage, 'leave it better than when you got there,' and I think a lot of us in women's sports feel that way,' said Bird. 'That's what makes the Think Tank so special.' From community grants to product design, the Think Tank is influencing everything from sportswear to systemic change. One of the most visible innovations born from the Think Tank is Nike Leakproof, which is a product developed in direct response to feedback from cohort athletes. And according to Bird, that kind of progress is only possible when women are given the platform to inform what's being built for them. 'We understand everything from the functionality of a product, to the design, to the fashion elements. We are constantly thinking about all of this, so who better to give feedback than the ones who are wearing it almost every single day?' Bird went on to share, 'By getting a woman's perspective on women's products, you're going to come out with something authentic and then I think more women can then trust it.' For Bird, the importance of brands like Nike investing in women's sports extends beyond just creating products: it's about rewriting a narrative that women athletes have fought against for decades. 'For years and years, we were told as WNBA players that nobody cared. That there was no value. I knew based on my own lived experience that was wrong,' she said. 'I knew it from walking around the streets and having people stop me and tell me how much I've inspired them. I knew it from playing in arenas that had tens of thousands of fans in them.' Bird also sees brand investment in women's sports as a smart, long-term business move. Nike's creation of Athlete Think Tank Cohort 4.0 is an example of a brand spotting the value of women's sports and leaning in. 'At the end of the day, this is just a really good business decision,' said Bird. As part of the Think Tank, Nike has also invested over $4.4 million in community organizations and plans to continue this commitment with the new cohort. The brand views the initiative not just as a product pipeline, but as part of the company's larger responsibility to serve women and girls in sport. The full list of Nike's Athlete Think Nike Cohort 4.o includes:


USA Today
19 minutes ago
- USA Today
Best of Canadian soccer star and Olympic gold medalist Jordyn Huitema in images
Best of Canadian soccer star and Olympic gold medalist Jordyn Huitema in images Jordyn Huitema has been a star on the pitch for nearly a decade, having scored her first International goal when she was only 16 years old. Since then, the talented forward has shined at the Summer Olympics—including the 2020 Tokyo Games, where she helped Team Canada take home the gold—as well as the Women's World Cup. Here's a look at the talented soccer star... Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema Canadian soccer star Jordyn Huitema


Hamilton Spectator
an hour ago
- Hamilton Spectator
Spain tries to stay upbeat after shootout loss to Portugal in Nations League final
MADRID (AP) — As Cristiano Ronaldo lifted the Nations League trophy and his Portugal teammates celebrated behind him, Spain's players watched in clear disappointment. There was no major letdown after the penalty shootout defeat in Sunday's final in Munich, though. There were no calls for a coaching change. There was no blaming of players who underperformed. The feeling was that Spain is still on the right track. Before leaving the field, coach Luis de la Fuente gathered his players and made sure they remained upbeat and ready to start focusing on next year's World Cup. 'It was time to remind them that we have to be proud of this team, of what we have been doing,' De la Fuente said. 'I reminded the players that I'm proud to have them in the team. Now we have to start focusing on the World Cup. I'm still counting on every one of them, on those who were here and those who couldn't come this time.' Spain is the European champion and as a nation has been enjoying one of its best runs in international soccer. The women's team is the World Cup and Nations League champion. La Roja also won the men's Olympic tournament in France last year, as well as the 2023 Nations League. 'You can't question what this team has been achieving,' De la Fuente said. 'It has been defining an era, a style, and it will continue to do so, not because of me, but because of the players that we have.' After beating France 5-4 in the Nations League semifinals last week, Spain lost the final 5-3 on penalties after a 2-2 draw following extra time. Striker Álvaro Morata was the only player to miss his spot kick. 'Morata is a champion and a reference for us,' De la Fuente said. 'I'm responsible for his missed kick because I'm the one who asked him to take the shot.' Martín Zubimendi (21 minutes) and Mikel Oyazarbal (45) twice gave Spain the lead but Portugal rallied with goals by Nuno Mendes in the 26th and Ronaldo in the 61st. 'We have to overcome this defeat as best we can and value the positive momentum we have had in recent years,' Zubimendi said. 'This time we let the title slip away because of details. We have to keep our feet on the ground. We have been used to winning. Since I joined the national team I've only experienced positive things.' De la Fuente took over from Luis Enrique following defeat to Morocco in the round of 16 at the 2022 World Cup in Qatar. He recently had his contract renewed by the Spanish soccer federation until 2028 and the next Euros. He is leading a team with a bright future thanks to young stars such as 17-year-old Lamine Yamal, Nico Williams, Pedri, Gavi, Dean Huijsen and Pau Cubarsí. Spain's next match is in Bulgaria on Sept. 4 in the World Cup qualifiers. ___ AP soccer: