In an effort to ensure that boxers’ post-retirement years are as fruitful as their years in the ring, the American Boxing Association is working on strategies to help fighters spend more wisely and save for retirement.
If you’re even a casual watcher of boxing, you might be aware that Floyd Mayweather Jr., one of the sport’s biggest stars, recently retired after he won one last hugely hyped round against mixed martial artist Conor McGregor.
Mayweather is going to be fine in retirement—he reportedly has $1 billion in career earnings, $300 million of which he reportedly made during last month’s fight. But a less prominent star? Perhaps not.
The end of Mayweather’s career comes as the American Boxing Association, the group that represents Mayweather and other fighters, looks to take steps to ensure that the next generation of boxers has things a little bit easier when they retire. This week, the association launched the American Boxer’s Retirement Initiative, a program designed to encourage fighters to invest in their post-boxing careers.
The boxing industry has tried to take steps to care for its own—helping fund retirement programs for struggling boxers, for example—but in a news release, ABA says it wants to make sure that boxers have financial advice that could help them navigate a life outside of the ring.
“Every fighter can benefit from having the advice of a trained financial advisor,” ABA President James Hagler said in a news release. “We want to help fighters invest in themselves.”
The release also cited a number of big-name former boxers like Riddick Bowe, Tony Tucker, and Evander Holyfield who have spoken out in support of the new program. Holyfield, for example, said he became a boxing promoter for the very reason cited for the creation of the program.
“We not only want what’s best for them during their careers, but we want what’s best for them beyond their careers,” Holyfield said in the release.
The initiative reflects a larger movement in sports in recent years to focus on post-retirement years. The NFL Players Association, for example, has launched continuing education targeted at football players.