Michael Phelps to Retire From Competitive Swimming After Rio Olympics: 'This Is It'

The most-decorated Olympian of all time will hang up his swimsuit to focus on his family.

Michael Phelps has shed some light on his post-pool plans when he retires from Olympic competition.

The most decorated Olympian of all time, who won his 23rd gold medal and 28th overall on Saturday, plans to dedicate himself to his wife-to-be and his baby son, Boomer.

Read: Katie Ledecky's Record-Shattering Swim Stuns Viewers

He will wed fiancée Nicole Johnson, a former model and Miss California 2010, by the end of the year.

In an interview Monday with NBC’s Matt Lauer, he said: "I am trying to let everything set it. It won’t for a while, but it is been pretty awesome the last couple days spending time with Boomer and the family."

Phelps' plan to hang up his swimsuit for good may seem like déjà vu for some, given that he made a similar statement following the 2012 Games in London.

But speaking to Lauer, Phelps said, "this time I mean it."

He added: "This is it. I wanted to finish my career the way I wanted and it is the cherry on the top," he said of his performance in Rio.

Read: Ryan Lochte, 3 Other U.S. Swimmers Robbed at Gunpoint While Traveling to Olympic Village in Rio

Phelps also told Lauer that he wishes to be an ambassador for swimming around the world and become someone who changes the drowning rate in pools.

Watch: Mom of Gymnastics Star Simone Biles Reveals Her Own Pre-Competition Nerves: 'I'm Just a Wreck!'