The seven-time world champion announced earlier this month that he would call time on his F1 career following a three-year stint with the Mercedes team.
Schumacher had previously retired from the sport at the end of the 2006 season, but made a return with the German squad in 2010.
While he was away from Formula 1, the 43-year-old took part in some bike competitions, including the German Superbike championship. This time, however, Schumacher says he is stopping altogether.
"No, it's not in my plans," Schumacher told Gazzetta dello Sport when asked if he will race elsewhere. "Formula 1 offers the maximum as far as emotions, speed and work completeness are concerned.
"Another type of cars wouldn't give me the same feelings. I'm stopping here completely."
He added, laughing: "I think I'll do Western riding competitions. My wife Corinna, who has done this sort of competitions for years, has already chosen the right horse for me. I'll go for it..."
Schumacher insisted he has no regrets about his decision to leave the sport, despite conceding he feels relieved to be putting an end to his career.
The Mercedes driver, the most successful racer in the history of the sport, says his second Formula 1 stint has taught him what losing means.
"[It is] a relief, because I have no regrets, just joy for what I've done. From now on life will offer me plenty of new possibilities. I'm looking forward to them.
"If I look into my life's rear-view mirror, I find myself happy and smiling. I've had two distinct careers: one where I won everything, and a second one where I discovered what losing means.
"Yes, I've learned how to lose, but this has made me more mature and more patient too, partly thanks to my age. Today I have to consider what I have done overall and I'm satisfied with myself."
When asked how he wanted to be remembered, he said: "Everyone describes me a racing legend. I prefer to be described as a fighter, someone who never backed down."