Meet Michael Vick, a former NFL player who made history in 2006 as the first quarterback to rush for over 1,000 yards in a single season. The first overall pick by the Atlanta Falcons in the 2001 NFL draft, Vick played in the league for 13 seasons before retiring in 2017 at the age of 36.
Today, he says his NFL retirement figure is over six figures. Unlike many NFL players who go broke after retirement due to their appetite for luxurious spending or making wrong investment decisions, Vick has made sure that he will never go broke, and he thanks the NFL for making that possible.
“NFL players have great benefits. I think the NFL does a great job of ensuring we’re set up properly when we retire,” Vick said on an episode of “Kickin It With the OGs” on YouTube in May. “They put us in plans where if you play long enough and you invest while you’re in the league, in the plans, then you’ll have decent payouts when you get older.”
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Vick did lose two years of playing time after being imprisoned for his involvement in a dog fighting ring. Nonetheless, he still brings in over $100,000 annually from his retirement income.
“The league provides us with opportunities to make sure financial longevity is in place for us if you want it,” he said, adding that some of his mates missed out on those opportunities and benefits.
“I’ve seen a lot of guys who didn’t want it, who didn’t pay attention,” he said.
Even though Vick didn’t give details about his annual payment, Moneywise writes that 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.”
Vick’s 13-year NFL career includes four Pro Bowl selections and the 2010 Comeback Player of the Year award with the Philadelphia Eagles, according to Athlon Sports.
