The United States Olympic and Paralympic Committee introduced a $100,000 retirement benefit program for athletes participating in the Olympics to address their financial struggles. Many athletes face severe economic difficulties while training, often relying on food stamps and credit cards. This initiative aims to provide financial security post-career, with payments starting 20 years after an athlete's last Olympics or at age 45, paid over four years. While the program won't immediately alleviate current hardships, it serves as a potential safety net for future challenges in their post-competitive lives.
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.
The USOPC announced a new financial assistance program offering a $100,000 retirement benefit for each Olympic Games athletes participate in.
The benefits will be paid out over a four-year period and will start 20 years after their Games or when they turn 45.
USOPC Chair Gene Sykes called the program a 'springboard' that will propel these athletes to even greater heights beyond their Olympic careers.
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