"I gave people a hell of a lot of pleasure," John told ABC News' Robin Roberts of what he hopes to leave with his fans. "Our songs will live on."
"I want my last performance to be in America because my first performance will be in America," he added of his final tour. "This is where I got my start, this is in 1970 at the Troubadour that it all started, and I owe this country so much, and I'm so fond of this country ... I want to start and finish in America."
Watch Elton John's full interview with Robin Roberts Thursday on "Good Morning America."
"I’m not gonna be touring anymore," he said, aside from his last "Farewell Yellow Brick Road" that will kick off in September. This global farewell tour will last a few years and be 300 shows.
He said of his children, Elijah, 5, and Zachary, 7: "I love them so much, I don't want to miss them and I don't want them to miss me."
The announcement opened with a special VR performance of John throughout the years, including hit songs like “Rocket Man” and “Your Song.” John then performed "Tiny Dancer" and "I'm Still Standing" live from New York.
This final tour is a way for John to say "thank you and goodbye" to his fans.
"I want to go out with a bang," he added.
The 70-year-old teased the news on social media Tuesday.
"A wrinkle in time. Past meets present. A taste of things to come at the #EltonEvent today. Watch the special announcement live," he wrote, linking back to his site.
He also posted a short clip to YouTube of his past tours and promoted an event at London's Kings Cross Station, where an augmented reality version of the star plays at a grand piano.
This news comes months after his manager and husband, Furnish, told Music Week that "Elton must never stop performing," adding, "I think he feels he needs to take a breather, he needs to step back and take a pause. He’s also working on his memoirs and then we have a few surprises up our sleeve,"