The great showman fully intends to say farewell to his public in the grand manner.
He has suffered several medical setbacks of late, including a bacterial infection a year ago that he contracted during a South American tour and an E. coli bacterial infection in 2009.
Sir Elton's management said the "potentially deadly" infection forced him to spend two nights in intensive care in April and to cancel concerts in the US.
John and Furnish, 55, are raising two sons, Zachary, seven, and Elijah, five, who were born through a surrogate mother.
Speaking at a press conference in NY he said: "I always thought I was going to be like Ray Charles, BB King - on the road forever". "Having had children and seeing how much joy they brought to us, I thought, 'You know what?"
John's website lists a show at New York's Barclays Center on March 8; the next show is March 12 in Raleigh, N.C. Time will tell if the "Rocket Man" will slot the Baltimore date in between those stops. He's also suffered an appendicitis and has been fitted with a pacemaker. However, I think there are questions about how quiet this particular retirement is likely to be.
"I'm not going to be touring and traveling the world". "I really don't want to do this forever", he insisted.
"I definitely want to make a couple more albums, but that will be easy since I can do that at home. I just don't want to tour so much". He presumably can't be feeling particularly concerned about his health if his plans to bow out include surfing the world for another three years.
In terms of assets, Elton got almost $3.3 million (£2.3m) from the sale of his cars, including his 1993 Jaguar XJ220, Rolls Royce, Bentleys and Ferraris.
With a penchant for flamboyant stage costumes and an ear for piano rockers and ballads, John has dominated the pop industry for decades with hits like "Your Song" and "Candle in the Wind". "I will be hopefully making more records, I'll be writing more musicals or I'll be doing more exhibitions with our photography, but mostly I'll be taking my kids to soccer academy, which is the most important thing".