Los Angeles, Feb 10 (IANS): Singer Aretha Franklin has announced she will retire from the music industry later this year.

Franklin made this known on Detroit TV station WDIV Local 4, reports aceshowbiz.com.

"I must tell you, I am retiring this year. I feel very, very enriched and satisfied with respect to where my career came from and where it is now," Franklin said.

Franklin said she will still be open to fewer public engagements.

"I'll be pretty much satisfied, but I'm not going to go anywhere and just sit down and do nothing. That wouldn't be good either... (I'll be open) to some select things, manly one a month, for six months of the year."

The 74-year-old revealed that she wanted to spend more time with family and her grandchildren who are leaving for college this year.

She said it was difficult for her to announce the retirement because "it's what I've done all of my life".

She plans to release her final album with help from Stevie Wonder before calling it quits.

"This will be my last year. I will be recording, but this will be my last year in concert. This is it," she said.