'We're set up properly': Michael Vick says his NFL retirement income is over six figures annually — player benefits include annuities, cap plans and even disability

Player benefits

Vick didn’t specify the details of his annual payment, however, based on the NFL’s summary of benefits for vested former players, it may come from an annuity program that eligible players can tap into as early as five years after their final season. Players also have access to a 401(k) plan and capital accumulation plan. There’s also a pension plan available from which players aged 55 and up can receive monthly payments based on how many credited seasons they have under their belt.

In addition, Vick says he’s eligible for disability benefits due to the injuries he sustained over the course of his career. Former players can receive extended health insurance coverage and take part in a health reimbursement account plan.

“The league provides us with opportunities to make sure financial longevity is in place for us, if you want it,” he said. Unfortunately, he witnessed some of his peers miss out on similar benefits and security. “I’ve seen a lot of guys who didn’t want it, who didn’t pay attention.”

Vick’s experience highlights the importance of financial literacy and awareness, even among high earners.

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Benefits awareness

At the end of 2023, roughly 56.6% of American workers had access to a 401(k) account, according to rollover service Capitalize. Health benefits are similarly widespread. In 2023, 53% of all firms offered some health benefits, according to the Kaiser Family Foundation. This figure jumped to 94% among those with more than 50 employees.

Other benefits were less commonplace. Only 23% of union and 27% of nonunion workers had access to paid family leave, according to the Bureau of Labor Statistics.

Workers might also be missing out on some benefits because they don’t know how they work. According to the American Society of Pension Professionals & Actuaries, citing 2023 research by MetLife, 45% of employees reported they do not fully understand elements of their corporate benefits packages.

Taking the time to understand all the benefits that are available to you, or reaching out to a professional financial planner to seek assistance, could boost your financial security during and after your career.