Reiner announced his decision Wednesday saying he took his family's opinion into account, the Los Angeles Times reported Thursday.
"This is a decision that has taken me a while to come to," Reiner said. "Essentially, I've been having a lot of discussions with my wife and family. I have young children, and they really are not all that keen on me doing this right now. They know what's involved, and they know how difficult it can be."
Reiner said he may revisit the idea, however, when his children -- currently 14, 12 and 7 -- are older.
Reiner said he will now focus on his June ballot initiative, which would raise state income taxes by 1.7 percent for couples making more than $800,000 and individuals who make more than $400,000 to provide free pre-school for all 4-year-olds in California.
Notable deaths of 2014 [PHOTOS]