Olympians Can Have $100K Waiting for Them at Retirement

The stakes for all of the US skiers, skaters, snowboarders, and sliders over the next 100 days could not be more clear: a chance for Olympic glory, a chance to compete for a gold medal, and, for the first time, a chance to make $100,000. Now that the US Olympic and Paralympic Foundation has received a record $100 million donation, athletes who make the Olympic or Paralympic teams starting next year in Milan-Cortina will be eligible to receive a $100,000 award when they retire, the AP reports. That's a huge amount considering that many of the athletes live in or near poverty: According to the foundation, some 57% of US athletes earn $50,000 or less a year. Details include:

• The need: "At the age of 25, 26, I definitely was like: 'I can't do this to (my family) anymore. I can't continue living in my car,'" said biathlete Deedra Irwin, who is now 33 and has made ends meet by taking on jobs such as dog sitting and joining the Vermont National Guard. "'I have student loans. I have to get on with my life.'" Paralympian Oksana Masters said it's not like her colleagues are saving for retirement. "As an athlete, you don't put into a 401K," she said. "We don't have those traditional jobs of paying into that kind of stuff. It's about time that we've done this."
• Total benefits: The grant also funds a $100,000 life insurance policy. Both the award and the insurance are accrued each time an athlete makes the Olympics—meaning, for instance, that someone who makes it three times would receive $600,000 in benefits.

• The spots: Although Wednesday marked the 100-days-out point on the Olympic calendar, only a small slice of the approximately 225 Olympic and 65 Paralympic spots on Team USA in Italy have been locked up. The majority of those spots will be earned based on athletes' finishes in upcoming World Cup events being held around the globe over the next few months.
• Fine print: There are a few catches, mostly that the money will be divided into four payments and won't go into bank accounts until 20 years after the athletes retire, or when they reach 45—whichever comes later. (The math is interesting for snowboarder Nick Baumgartner, who will be 44 next year and hopes to extend his career through Salt Lake City in 2034.)

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• Future funding: With most of the next decade's TV and sponsorship dollars accounted for, the foundation will need to bankroll improvements in athlete benefits for the foreseeable future. Walshe said the charitable arm is projecting to account for 27% of the USOPC's revenue this Olympic cycle, compared to 12% for 2021-24. The foundation's contributions are directed toward athlete-centered programs that focus on performance and innovation, health and wellness, and career placement and economic mobility.
• The impact: "We've received other transformational gifts, but this has reflected a shift in how we're able to holistically care for our athletes," USOPF President Christine Walshe said. The donation came from Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, a finance firm.