‘I can’t race forever’: F1 driver Lewis Hamilton doesn't want to make the same retirement mistakes as other high-profile athletes — here are the biggest lessons he’s learned
Celebrities, they’re just like us: they also worry about retirement.
Sure, the likes of tennis legend Serena Williams and NBA superstar Michael Jordan may not have to worry about having enough money to retire — but they can still have the same nagging question as everyone else: mainly, “what am I going to do once I stop working?”
For Lewis Hamilton, the most-decorated Formula 1 driver in history, thoughts about retirement have already started popping up — not because he plans to retire anytime soon (he’s only 39), but because of recent conversations with Williams and Jordan, among others.
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Hamilton told GQ about some of the high-level athletes he’s met over the course of his career — many of whom admitted to him that they had a “fear of what’s next.”
“A lot of them said… ‘My whole world came crashing down because my whole life has been about that sport,’” the British-born racer said.
As a result, Hamilton wants to avoid this aimlessness and lack of purpose when he stops racing.
As you start to think about your own retirement plan, here are a few of the lessons Hamilton has picked up from other athletes over the years.
Expand your identity
Hamilton has become synonymous with Formula 1 racing thanks to his nearly 20-year career and record-breaking achievements. But that doesn’t mean he only thinks of himself as a race car driver.
“I can’t race forever,” Hamilton told GQ. “So I got serious about finding other things that I was passionate about.”
For Hamilton, this includes co-producing a film with Brad Pitt (it’s currently in production), writing music and launching his own clothing brand.
Granted, most people don’t have an Oscar winner like Brad Pitt as their fallback option. But you can go through the same process as Hamilton to prepare yourself for the day that you ultimately stop working. Ask yourself: what do I want to do when I don’t need to work anymore?
Many retirees struggle with this — especially if they haven’t thought about it much over the years, according to retirement coach Robert Laura.
“I would say probably 50% — if not 60% — of people fail at retirement,” Laura told Moneywise last year. “Many end up going back to work because they don’t know what else to do.”
The 2024 Fidelity State of Retirement said this “new retirement” — which includes working, even if just part-time — is becoming more of the norm.
Like Hamilton, 68% of the Fidelity respondents want to keep working in their retirement years — for pleasure.
Although searching out ways to feel fulfilled in retirement (or life, in general) is empowering, it can also be a little strange for those around you.
“I experienced a lot of pushback in the media,” Hamilton told GQ. “People [were] just judging me: ‘This is not how a racing driver behaves.’”
Hamilton didn’t let any of it deter him from pursuing other passions, though. “You have to find something else that can soothe you, can keep your mind going,” he added.
Read more: Suze Orman says Americans are poorer than they think — but having a dream retirement is so much easier when you know these 3 simple money moves
Stay social
Work not only offers a steady income for people, but also potentially a robust social life.
“A lot of people don't realize the psychological benefits that work gives you is social interaction,” Laura told Moneywise. “It keeps you mentally stimulated, it gives you purpose and direction.”
Hamilton had to come to grips with this fact once he started to think about retirement planning. Driving may be a solo sport, but he had been firmly ingrained in the racing world since he was a teenager. He knew that leaving it may be hard once he retires one day.
“It’s almost like being in a snow globe — that’s the racing world,” he told GQ. “There’s so much more outside of it that you just don’t have time to explore.”
When he started dating someone in Los Angeles, he was introduced to people in the art world. This allowed him to proactively expand his social circles beyond the racing world. In turn, it also brought him new, creative opportunities, such as designing five fashion collections for Tommy Hilfiger — a dream come true for Hamilton.
Staying social in retirement can open you up to plenty of professional or leisure opportunities. But it also keeps you healthy. A Pennsylvania State University study discovered that increased social activity improves cognition function for those between the ages of 70 and 90.
Jayne Burns is living a healthy, happy life because of socializing. The 101-year-old Ohio woman works at a fabric and crafts store. The former bookkeeper decided to work somewhere new in order to stay social. She’s not only stayed healthy, but has made new friends and garnered more professional opportunities: her young co-worker even made her TikTok famous.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
