Partial Source: The Wrestling Observer Newsletter (F4WOnline.com)
Shawn Michaels has been spotted backstage at WWE events recently favoring his knees and walking around more carefully than in the past. His knees have been described as being in really bad shape right now and the speculation is that he may need even more of a schedule break, if not a good period of time away pretty soon. Michaels made a radio appearance on Q101 in Chicago saying it is possible that after next year's WrestleMania that he would take some time off from WWE since his contract would be expiring and wants to spend more time with his family. Whether or not he will take time off after WrestleMania or continue his normal full-time schedule remains to be seen. It should be noted that in regards to his match with The Undertaker at WrestleMania 25, Michaels was very hands-on with the creative aspect of the storyline much like he was during the Chris Jericho feud.
Also note that while Michaels would likely still wrestle after next years 'Mania on a very reduced schedule, he is looking to stop wrestling full-time next year and wants to spend more time with his sons as they grow up.