Elton John announces he is retiring from touring ... in three years

Elton John announces farewell tour

Sir Elton John announced he will launch his farewell tour, entitled the 'Farewell Yellow Brick Road' tour, in September. It will include over 300 shows and will span three years.

Elton John announced in a much-hyped press conference that he is retiring from touring, soonish.

The legendary performer made the big announcement live from New York on Wednesday after performing several of his big hits including "Tiny Dancer" and "I'm Still Standing."

Anderson Cooper joined John onstage to ask him, "Why are we here?"

John replied, "It's the last time that I will be touring because my priorities have changed in my life."

The 70-year-old said he will kick off his final world tour in September. He said the tour will last for three years in order to visit all of the places where he has fans.

"I've been so incredibly lucky [but] my life has changed, the priorities in my life have changed. My priorities now are my children, my husband and my family."

Elton John performs at 2014 AIDS Foundation Benefit. (AP)

John said he and his husband David Furnish discussed the singer's retirement in 2015.

"10 years ago if you said I'm going to stop [touring]...but we had children and that changed our lives," he said promising to go out with a "bang."

John, whose hits include "Your Song" and "Candle in the Wind," has won five Grammys, an Oscar and a Golden Globe for "The Lion King," a Tony Award for "Aida" and received a Kennedy Center Honor.

John said the end of his touring life does not mean he will stop being creative.

"I will be creative hopefully up until the day I die," he said.

The dad-of-two also slammed rumors that his health had anything to do with his retirement.

"I'm in great health," he promised.

At the Grammy Awards on Sunday, John is to perform alongside Miley Cyrus and will collect the President's Merit Award. His Vegas residency ends in May after six years.

He has sold 300 million records.

The Associated Press contributed to this report.