For many U.S. Olympic athletes, going for gold can also mean going broke. But help is now at hand.
While a select few famous athletes make millions from sponsorship deals, many Team USA members struggle to make ends meet as they shell out thousands of dollars for elite coaching and equipment while forgoing employment to train around the clock. The United States is one of the only countries that does not provide government funding to its Olympic athletes.
However, the good news is that the United States Olympic and Paralympic Committee have announced a new financial assistance program for all Team USA athletes - a $100,000 retirement benefit per each Olympic Games that they participate in. They will also accrue $100,000 in life insurance, upping the financial benefits package to $200,000 per Games.
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.
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.
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.