Palmer's pilot's license expired Jan. 31 and the 81-year-old opted not to renew it.
'I'll still be flying in my plane as much as always, just not in the cockpit,' he told the magazine's website. 'Flying has been one of the great things in my life. It's taken me to the far corners of the world. I met thousands of people I otherwise wouldn't have met. And I even got to play a little golf along the way.'
Palmer has been flying himself around the globe since 1956 and has logged over 19,000 hours.