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After winning 28 Olympic medals, he now seemingly has more endorsements than ever, he has more time to golf, and spends a lot of time just hanging out with his family, including his son Boomer.
He's even planning to race a shark!
Phelps turned 32 on Friday, and while he says he is done winning Olympic medals, there are still a lot of people holding out hope for one more sprint towards glory at the 2020 Tokyo Olympics.
In the meantime, let's take a look back at his storied career.
Emmett Knowlton contributed to this post.