Barbara Walters to Retire in 2014

Barbara Walters announces her retirement. Astrid Stawiarz/Getty Images

It's official: Barbara Walters is set to retire in summer 2014. After more than 50 years, the 83-year-old veteran journalist confirmed reports that she'll be ending her career next year in a statement on Sunday, May 12.

"I am very happy with my decision and look forward to a wonderful and special year ahead both on The View and with ABC News," she told ABC News. "I created The View and am delighted it will last beyond my leaving it." (The morning talk show recently announced the departure of Joy Behar, with Elisabeth Hasselbeck also expected to step down soon.)

"Big news — and I wanted to tell you first," Walters tweeted with a link to the story. "Looking forward to one more great year!" Until then, Walters will continue to anchor and report for ABC News, appear on The View and host several specials, including 20 Years of 10 Most Fascinating People in December.

The ABC News personality will also announce her retirement on The View Monday. "I do not want to appear on another program or climb another mountain," she said of her retirement. "I want instead to sit on a sunny field and admire the very gifted women —- and OK, some men too — who will be taking my place."

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